Economic welfare is generally measured by
(i)profit.
(ii)total surplus.
(iii)the price consumers pay for the product.
A)(i) and (ii) only
B)(ii) and (iii) only
C)(ii) only
D)(i), (ii), and (iii)

Question

Quizplus · Accepted Answer

Economic welfare is generally measured by total surplus, which is the sum of consumer surplus and producer surplus. It reflects the overall benefit to society from the production and consumption of goods and services. Profit and the price consumers pay are not direct measures of economic welfare.

Economic Welfare Is Generally Measured by