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A seller’s willingness to sell is:

A. measured by the seller’s cost of production.

B. related to her supply curve, just as a buyer’s willingness to buy is related to his demand curve.

C. less than the price received if producer surplus is a positive number.

D. All of the above are correct.

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manhokwe tawanda
manhokwe tawandaLv10
13 Oct 2020
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Related questions

True or False:

1. Consumer surplus is the buyer's willingness-to-pay minus the seller's opportunity cost of production.

2. If your willingness-to-pay for a hamburger is $3 and you paid $2, then your consumer surplus is $5.00

3. The opportunity cost of production for a seller includes the implicit cost of the seller's time.

4. The height of the supply curve at a selected quantity is the seller's opportunity cost of producing that marginal unit.

5. Total surplus (total well-being) is the seller's cost of production minus the buyer's willingness-to-pay.

6. The competitive market equilibrium outcome is efficient because it allocates the produced output to the buyers who place the highest value on the good

7. Producer surplus is the area above the supply curve and below the price.

8. The competitive market equilibrium outcome maximizes total surplus (total well-being)

9. Producing and consuming more of a good will always increase the total surplus(total well-being).

Which of the following statements is true?

1) The demand curve is an upward-sloping line which relates price and quantity demanded.

2) If a company that faces a downward-sloping demand curve charges the same price to all its customers, there are usually some customers who are paying less than their willingness to pay.

3) The quantity that corresponds to a particular price on the demand curve tells us the number of people who have that price as their willingness to pay.

4) All of the above.

A consumer's willingness and ability to buy products at a given price during a certain period of time is known as 

a) Demand.

b) Supply.

c) Market.

d) All of the above.

 

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