Total Surplus = Value to Buyers - Costs to Sellers

question 194

True/False

Total surplus = Value to buyers - Costs to sellers.

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Definitions:

Code Letter

A symbol or abbreviation used to represent an item, category, or instruction in a system of classification or identification.

FOB

Free On Board, a term used in shipping to indicate who is responsible for payment of transportation and insurance.

Freight

The charge paid for the transportation of goods, typically by sea, air, or land.

Free

Not under the control or in the power of another; able to act or be done as one wishes, or without cost or payment.