Consumer surplus is the value of a good minus the cost of producing it, summed over the quantity bought.
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Q422: The producer surplus on a unit of
Q423: Buyers receive a consumer surplus when the
Q424: If the marginal social cost of a
Q425: If the marginal social cost exceeds the
Q426: The opportunity cost to the firm of
Q428: The opportunity cost to the consumer of
Q429: Command system allocates resources by the order
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Q431: Marginal cost is the minimum price that
Q432: As long as production is such that
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