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A seller's opportunity cost measures the:

a. The value of everything she must give up to produce a good. 

b. The amount she's paid for a good minus her cost of providing it. 

c. Consumer surplus. 

d. Out-of-pocket expenses to produce a good but not the value of her time. 

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Alice Sejake
Alice SejakeLv10
20 Jan 2021

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Related questions

True or False:

1. Consumer surplus is the buyer's willingness-to-pay minus the seller's opportunity cost of production.

2. If your willingness-to-pay for a hamburger is $3 and you paid $2, then your consumer surplus is $5.00

3. The opportunity cost of production for a seller includes the implicit cost of the seller's time.

4. The height of the supply curve at a selected quantity is the seller's opportunity cost of producing that marginal unit.

5. Total surplus (total well-being) is the seller's cost of production minus the buyer's willingness-to-pay.

6. The competitive market equilibrium outcome is efficient because it allocates the produced output to the buyers who place the highest value on the good

7. Producer surplus is the area above the supply curve and below the price.

8. The competitive market equilibrium outcome maximizes total surplus (total well-being)

9. Producing and consuming more of a good will always increase the total surplus(total well-being).

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 best defines consumer surplus?

a. The producer surplus plus the social surplus

b. The social surplus minus producer surplus

c. The amount a seller is paid for a good minus the seller's actual cost

d. The difference between an item's production cost and the amount paid by consumers

 

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