Question

13. Here are several statements about producer surplus: In the short run, producer surplus measures the surplus of revenue received by the producers above their variable costs of production. II. In the short run, producer surplus is equivalent to profit if there are no fixed costs. III. If a supply curve is perfectly elastic, there is no producer surplus Which of the above statements are true? A) I only B ) II only C) III only D) I and II E) I and III F) II and III G) I and II and IIIH ) none of the statements are true