Match the word with its definition producer surplus allocate resource by the ord

Question

Match the word with its definition producer surplus allocate resource by the order of someone in authority total surplus is the excess of the benefits received from a good over the amount paid for it consumer surplus is the excess of the amount from the sale of a good or service over the cost of producing it transaction costs the sum of consumer surplus and producer surplus command system when markets are inefficient symmetry principle the decreases in total surplus that results from and inefficient level of production market failure the costs of the services that enable a market to bring buyers and sellers together a principle that states that we should strive to achieve the greatest happiness for the greatest number big tradeoff the requirement that people in similar situations be treated similarly

Explanation / Answer

A) Command system

B) Consumer surplus

C) Producer surplus

D)  Total surplus

E) market failure

F) Big tradeoff

G) Transaction costs

H) Utilitarianism

i) Deadweight loss

j) symmetry principle

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