__________ is defined as the highest price consumers are willing to pay for a good minus the price actually paid .
Consumer surplus
Welfare
Producer surplus
Investment
_________ is the sum of all individual firms supplies of a good .
Supply
Demand
Market supply
Market demand
What does ceteris paribus mean ?
Other things remaining constant
Price of other goods remaining constant
Other things are simultaneously changing
Same things
A rightward shift of the curve is called an
Increase in Supply
Decrease in Supply
Both a and b
None of these
The Sum of Consumer and Producer surplus is known as
Social surplus
Community Surplus
______________ refers to the well beings of society .
Subsidies
Who gave ceteris paribus assumption ?
Marshall
Adam smith
Ricardo
Walras
At the point of competitive market equilibrium , the sum of consumer and producer surplus is
Maximum
Minimum
Constant
Ceteris paribus
What does 'willing' means ?
Consumer wants to buy the good
Other things remaining same
All things other than price
__________ refers to producing the combination of goods wanted by society .
Economic efficiency
Excess supply
