A、a
B、b
C、c
D、d
A、a
B、b
C、c
D、d
A、the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
B、the amount a buyer is willing to pay for a good minus the cost of producing the good.
C、the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.
D、a buyer's willingness to pay for a good plus the price of the good.
A、consumer has consumer surplus of $5 if he buys the good.
B、consumer does not purchase the good.
C、price of the good will rise due to market forces.
D、market is out of equilibrium.
A、$72.
B、$32.
C、$8.
D、We would have to know the consumer surplus in order to make this determination.
A、not being consumed by buyers who value it most highly.
B、not distributed fairly among buyers.
C、not produced because buyers do not value it very highly.
D、being produced with less than all available resources.
A、lead to losses in surplus for consumers and for producers that, when taken together, exceed tax revenue collected by the government.
B、distort incentives to both buyers and sellers.
C、prevent buyers and sellers from realizing some of the gains from trade.
D、All of the above are correct.
A、inelastic supply and elastic demand.
B、inelastic supply and inelastic demand.
C、elastic supply and elastic demand.
D、elastic supply and inelastic demand.
A、better off, its producers of fish will become better off, and on balance the citizens of Denmark will become better off.
B、worse off, its producers of fish will become better off, and on balance the citizens of Denmark will become worse off.
C、worse off, its producers of fish will become better off, and on balance the citizens of Denmark will become worse off.
D、better off, its producers of fish will become worse off, and on balance the citizens of Denmark will become better off.
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