ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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I have a class of 25 students that need to type a paper, but I only have 10 computers available for them to use. This could be considered a surplus of computers.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -What Is Consumer Surplus? Consumer surplus is an economic measurement of consumer benefits resulting from market competition. A consumer surplus happens when the price that consumers pay for a product or service is less than the price they’re willing to pay.
Detailed explanation-2: -Producer surplus is the difference between the amount that a seller would be willing to accept for their products/services versus what those products/services are actually worth on the market.
Detailed explanation-3: -Total Surplus = Total Consumer Surplus + Total Producer Surplus. Consumer’s Surplus = Maximum Price Buyers Are Willing To Pay-The Market Price. More items •30-Apr-2022
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