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Business, 18.05.2021 19:20, chriscook1466
Identify whether each of the following statements best illustrates the concept of consumer surplus, producer surplus, or neither. Statement Consumer Surplus Producer Surplus Neither Even though I was willing to pay up to $73 for a watch, I bought a watch for only $65. I paid $53 for a jersey sweater last week. This week, the same store is selling sweaters for $43. I sold a used textbook for $45, even though I was willing to go as low as $36 in order to sell it.
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Business, 22.06.2019 02:30, raulramirez01
Acompany factory is considered which type of resource a. land b. physical capital c. labor d. human capital
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Business, 22.06.2019 06:40, jordenv00
Self-interest achieve society’s economic goals because producers know which goods consumers want the most. as consumers and producers exercise their freedom to act in their own self-interest, markets will produce the desired goods at the lowest possible cost. consumers and producers both operate based on society’s economic goals. consumers know which goods can be produced at the lowest cost. there is a wide variety of desired goods and services in a market system because producers determine what to produce. consumers change their minds frequently. there is always a need to produce something new and improved. individual wants are diverse. what is produced is ultimately determined by consumers, because if the goods offered are not what consumers want, consumers will not buy them. producers, because they are driven by profits. producers, because they determine what to produce. consumers, because they participate in marketing surveys.
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