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Consumer surplus is positive

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Reference no: EM133224136

1. If an economy produces shoes, but no socks, then this is possibly an example of

A. Productive and allocative efficiency

B. Productive efficiency but probably not allocative efficiency

C. Neither productive efficiency or allocative efficiency

D. Allocative efficiency but probably not productive efficiency

2. Consumer surplus is positive if the actual price of a good or service is

A. The same as what a consumer is willing to pay

B. Less than what a consumer is willing to pay

C. More than what a consumer is willing to pay

D. More than or equal to what a consumer is willing to pay

Reference no: EM133224136

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