1/ The sum of consumer surplus and producer surplus is called ________. 2/The di
ID: 1252623 • Letter: 1
Question
1/ The sum of consumer surplus and producer surplus is called ________.2/The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is called ________.
3/ A legally established maximum price that sellers may charge for a product is called a ________.
4/ A legally established minimum price that buyers must pay for a product is called a ________.
5/ The area below the demand curve and above the market price captures ________.
6/ The area above the supply curve and below the market price captures ________.
Explanation / Answer
1. total economic benefit
2. consumer surplus
3. price ceiling
4. price floor
5. consumer surplus
6. produce surplus
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