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11 Dec 2019
Which of the following describes consumer surplus:
a) The amount a seller is paid for a good minus the seller's actual cost.
b) The difference between an item's production cost and the amount paid by consumers.
c) The social surplus minus producer surplus.
Which of the following describes consumer surplus:
a) The amount a seller is paid for a good minus the seller's actual cost.
b) The difference between an item's production cost and the amount paid by consumers.
c) The social surplus minus producer surplus.
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