Multiple Choice
Producer surplus is:
A) always equal to zero for a competitive firm in long run equilibrium.
B) always greater than zero for a competitive firm in long run equilibrium.
C) defined as the area below the supply curve and above the price.
D) defined as the area above the supply curve and above the price.
Correct Answer:

Verified
Correct Answer:
Verified
Q44: Suppose a $1 tax is levied on
Q45: For the data in the following
Q46: Different consumers may pay different prices for
Q47: A profit-maximizing firm never produces where
Q48: For an entire perfectly competitive industry, in
Q50: Economic rent can be defined as:<br>A)always the
Q51: Which of the following is not
Q52: A perfectly competitive firm will always maximize
Q53: In a long-run perfectly competitive equilibrium,
Q54: A decreasing-cost industry is characterized by:<br>A)more firms