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Question : To maximize profit a perfectly competitive firm supplies a good

To maximize profit a perfectly competitive firm supplies a good up to the point at which:

Which of the following is true of consumer surplus?

It is used to measure the impact of a change in price on the economic well-being of the producers.

It is the difference between the value that one places on a good and the price paid for the good.

It is graphically represented as the area under the equilibrium price and above the supply curve of a good.

It is the net gain in economic well-being associated with producing and selling the equilibrium quantity of a good.

A. It is used to measure the impact of a change in price on the economic well-being of the producers.

B. It is the difference between the value that one places on a good and the price paid for the good.

C. It is graphically represented as the area under the equilibrium price and above the supply curve of a good.

D. It is the net gain in economic well-being associated with producing and selling the equilibrium quantity of a good.

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