Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 3, Problem 6CQ
To determine

Producer surplus and consumer surplus.

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Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers?
What is marginal benefit? What is marginal cost? What is consumer surplus? What is producer surplus?
Explain, using a diagram, why consumer surplus is a measure of net benefit Why are perfectly competitive markets described as efficient? What is market failure and what are some of the factors that cause market failure? (List at least 2 factors).
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