Describe some time when you had to purchase some major items and had two or more alternatives. How did you evaluate the cost-vs benefits of each of the alternatives? Ultimately, how did you determine which alternative to purchasing? Looking back on that purchase, do you regret your decision or believe that some other choice would have been better.
Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and
Define consumer surplus and producer surplus. What is meant by economic efficiency, and how does it relate to the gains of consumers and producers? Edited by basketball superstars