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What is the difference between the actual price a seller receives and the minimum acceptable price?
 
(i) Total surplus
(ii) Consumer surplus
(iii) Producer surplus
(iv) None of the above

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Nestor Rutherford
Nestor RutherfordLv2
6 Apr 2020

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Related questions

At the output level defining allocative efficiency:
 
(i) the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.
(ii) the areas of consumer and producer surplus necessarily are equal.
(iii) marginal benefit exceeds marginal cost the greatest amount.
(iv) consumer surplus exceeds producer surplus by the greatest amount.
When a country allows trade and becomes an exporter of a good:
 
(i) consumer surplus and producer surplus both decrease.
(ii) consumer surplus and producer surplus both increase.
(iii) consumer surplus increases and producer surplus decreases.
(iv) consumer surplus decreases and producer surplus increases. 
A tax on a good has a deadweight loss if: 
 
(i) the reduction in consumer surplus is greater than the reduction in producer surplus.
(ii) the reduction in producer surplus is greater than the reduction in consumer surplus.
(iii) the reduction in consumer and producer surplus is greater than the tax revenue.
(iv) the tax revenue is greater than the reduction in consumer and producer surplus.

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