_________ is the sum of all individual firms supplies of a good .
Supply
Demand
Market supply
Money supply
__________ refers to producing the combination of goods wanted by society .
Economic efficiency
Excess supply
Social surplus
Consumer surplus
A movement along the supply curve caused by a change in price is called a
Change in Supply
Change in demand
Change in quantity supplied
Change in quantity demanded
__________ is defined as the price received by firms for selling their good minus the lowest price that they are willing to accept to produce to good .
Producer surplus
Marginal cost
Average cost
A vertical Supply curve ,as price increases the quantity supplied
Decrease
Increase
Remains constant
None of these
When quantity demanded is equal to quantity supplied there is
Equilibrium quantity
Equilibrium price
Market equilibrium
Demand equilibrium
Demand definition is complete when we have data on :
Price ,quality and time
Income , quantity and time
Price,utility and time
Price ,quantity and utility .
What does 'willing' means ?
Consumer wants to buy the good
Other things remaining same
All things other than price
______________ refers to the well beings of society .
Welfare
Subsidies
The Sum of Consumer and Producer surplus is known as
Community Surplus
Both a and b
