1/ The sum of consumer surplus and producer surplus is called ________. 2/The di

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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