Economic Surplus Quiz

The monetary gain obtained by consumers because they are able to purchase a product for a price that is less than the highest price that they would be willing to pay

The amount that producers benefit by selling at a market price that is higher than the least that they would be willing to sell for

Social surplus or total surplus

<p>Deadweight loss</p> Signup and view all the answers

<p>Jules Dupuit</p> Signup and view all the answers

<p>Differential and integral calculus, difference and differential equations, matrix algebra, mathematical programming, or other computational methods</p> Signup and view all the answers

<p>Formulating theoretical relationships with rigor, generality, and simplicity</p> Signup and view all the answers

<p>It enables economists to make specific, positive claims about controversial subjects</p> Signup and view all the answers

<p>Stylized and simplified mathematical relationships asserted to clarify assumptions</p> Signup and view all the answers

<p>By allowing economists to form meaningful, testable propositions about complex subjects</p> Signup and view all the answers