Answer:
The manager notes are protected by a qualified immunity from discovery under the work product doctrine. The store is not liable to disclose report unless there is substantial need.
Explanation:
The customer has fell in a store because of store negligence not because of store manager's negligence. The court decided a case based on facts. The customer's attorney may ask store to produce reports which serve a base for customer injury. Manager notes are protected and therefore they cannot be disclosed unless the court demands it.
A plaintiff sued a defendant in a patent infringement suit. To sustain his claim, the plaintiff was required to demonstrate the formula for a common chemical compound. The plaintiff produced three well-known chemistry texts containing explanations of the formula and asked the court to take judicial notice of the formula for the compound. Must the trial judge take judicial notice of the formula
Answer:
Yes
Explanation:
A judicial notice is defined as a rule concerning recognition not evidence by a court where a fact that is very well known and attested that there is no room for doubting the fact.
There is no need for formal presentation of evidence.
I'm the given scenario the plaintiff produced three well-known chemistry texts containing explanations of the formula and asked the court to take judicial notice of the formula for the compound.
Since the formula is well known and even contained in well known chemistry texts, the court should take judicial notice of the formula
Feel Good Inc. is a multinational sports goods manufacturer that uses a different strategy in each of its subsidiaries and operations. Moreover, all decision-making is decentralized, which leaves the company open to the threat of opportunistic behavior. Since the expatriate managers do not rely on headquarters expertise, there is also an asymmetry in the transfer of information and specialized knowledge. In the context of the four international strategies proposed by Bartlett and Ghoshal, Feel Good Inc. uses a(n) _____.
Answer:
multidomestic strategy.
Explanation:
It is correct to state that in the context of the four international strategies proposed by Bartlett and Ghoshal, Feel Good Inc. uses a multi-domestic strategy, which occurs when a company uses several different marketing strategies according to the location where it operates.
Feel Good Inc uses a multi-domestic strategy because the statement tells us that the company uses a different strategy in each of its subsidiaries and operations, and that decision-making is decentralized.
This strategy can be advantageous for adapting the marketing campaign to the needs and desires of a specific target audience in a place. To be effective, market research, population study and market segmentation must be carried out.
Wedding Photos. Bobby took a number of wedding photos at Jill's wedding. He was paid as the photographer. On all of the photographs, he appropriately noted in the bottom right corner the necessary information showing that he was claiming copyright protection. Jill came to see Bobby three years after the initial photographs were taken and requested that he grant her permission to make as many copies as she wanted at the local photo shop from the pictures that she initially purchased. The photo shop had refused to reproduce the photographs without his permission. When he refused to give her permission to do so, Jill started a heated argument. She told Bobby that photographs are not entitled to copyright protection. She also told him that even if he was correct that there was some copyright protection, she was engaged in fair use, and in any event, damages for copyright infringement are unavailable. If Bobby decides to register the photographs under copyright law, how would he go about doing so
Answer:
He would register merely by affixing the appropriate symbol at the bottom of the photograph followed by first date of publication and his name.
Explanation:
Wedding Photos. Bobby took a number of wedding photos at Jill's wedding. He was paid as the photographer. On all of the photographs, he appropriately noted in the bottom right corner the necessary information showing that he was claiming copyright protection. Jill came to see Bobby three years after the initial photographs were taken and requested that he grant her permission to make as many copies as she wanted at the local photoshop from the pictures that she initially purchased. Photoshop had refused to reproduce the photographs without his permission. When he refused to give her permission to do so, Jill started a heated argument. She told Bobby that photographs are not entitled to copyright protection. She also told him that even if he was correct that there was some copyright protection, she was engaged in fair use, and in any event, damages for copyright infringement are unavailable. If Bobby decides to register the photographs under copyright law, He would register merely by affixing the appropriate symbol at the bottom of the photograph followed by the first date of publication and his name.
The master budget of Swifty Corporation shows that the planned activity level for next year is expected to be 50000 machine hours. At this level of activity, the following manufacturing overhead costs are expected: Indirect labor $630000 Machine supplies 90000 Indirect materials 120000 Depreciation on factory building 60000 Total manufacturing overhead $900000 A flexible budget for a level of activity of 60000 machine hours would show total manufacturing overhead costs of
Answer:
$1,068,000
Explanation:
The computation of the total manufacturing overhead cost should be
Total variable manufacturing overhead for 50,000 machine hours is
= Indirect labor + Machine supplies +Indirect materials
= 630,000+90,000+120,000
= $840,000
Now
Variable manufacturing overhead per machine hour is
= Total variable manufacturing overhead cost ÷ Number of machine hours
= $840,000 ÷ 50,000
= $16.80
And,
Total variable manufacturing overhead for 60,000 machine hours
= Variable manufacturing overhead per machine hour × 60,000
= $16.80 × 60,000
= $1,008,000
Now the total manufacturing overhead cost should be
= 1,008,000 + 60,000
= $1,068,000
Organization costs must be expensed as incurred. b. A copyright should be considered an intangible with an indefinite life. c. The registration of a trademark or trade name lasts for 20 years and is nonrenewable. d. A patent should be amortized over the shorter of the inventor's life or its economic life.
Answer:
c. a patent should be amortized over the shorter of the inventor's life or its economic life
Explanation:
Which of the following statements concerning intangibles is true?
a. a copyright should be considered an intangible with an indefinite life
b. organization costs must be expensed as incurred
c. a patent should be amortized over the shorter of the inventor's life or its economic life
d. the registration of a trademark or tradename lasts for 20 years and is non-renewable
Patents are a right granted to an inventor to exclusively sell a product for a specific period of time usually for 20 years. During this period, others are prevented from making, using, or selling the invention. A patent should be amortized over the shorter of the inventor's life or its economic life.
Types of patents include:
1. utility patents
2. design patents
3. plant patent
Copyright gives the inventor of a product and anyone they give the permission to the right to reproduce the product. Copyrights have limited lives
A family's financial plan is likely to be less complex than an
individual's.
True
False
Answer:
False
Explanation:
A family's financial plan inolves more than a single individual.
Bill, an employee with the U.S. Postal Service, was deployed to Iraq to serve in the U.S. Army for two years. After the completion of his military duties, he resumed work at the post office. He was employed with an increase in pay. Which law protected Bill by requiring that his employer re employ him with the seniority, status, and pay rate he would have earned if he had stayed on the job during the time of his deployment
Answer: Uniformed Services Employment and Reemployment Rights Act (USERRA)
Explanation:
USERRA is a federal Act that was passed in 1994 in order to help service members and veterans of the U.S. armed forces to be properly reintegrated into civilian life.
The Act requires that employers reemploy any person that left to serve in the armed forces and to give them the same status and seniority they would have been entitled to if they had not left. This Act also protects servicemembers and veterans from any discrimination that may come their way for having served in the military.
Owning a patent: Multiple Choice Gives its owner an exclusive right to manufacture and sell a device or to use a process for 50 years. Gives the owner exclusive rights to manufacture and sell a patented item or to use a process for 20 years. Gives the owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 70 years. Gives its owner the exclusive right to publish and sell a musical or literary work during the life of the creator plus 17 years. Indicates that the value of a company exceeds the fair market value of a company's net assets if purchased separately.
Answer:
Gives the owner exclusive rights to manufacture and sell a patented item or to use a process for 20 years
Explanation:
A patent is defined as a rights that the owner of an innovative product or process has that allows him to exclusively manufacturer the product or have the only right to use a particular process for 20 years.
Usually the item patented gives a new way of solving problems.
Any duplication of the product or service that is patented has to be with the consent of the owner.
Patents allow inventors of products and services to be adequately compensated.for their innovation.
What is the percent change in price when the price drops from $6 to $5? What is the percent change in price when the price drops from $6 to $5? Assume your answer is a percent and answer a numeric value only.
Answer:
16.7%
Explanation:
100/6 = 16.666666667% = 1/6
6-5 = 1
1/6 of the price is taken away so 1/6 is the percent it dropped.
Assuming number 6, then answer in numerical value in 16.7%.
What is the price?
Pricing is a very important factor in determining how well-liked a product is in the market.
100/6 = 16.666666667%
= 1/6
6-5 = 1
The price reduced by 1/6, or 1/6 of the original amount.
As a result, 16.7% is accurate.
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What is the difference between a price floor and a price ceiling?
A price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good.
A price floor is the maximum price allowed for a good. A price ceiling is the minimum price allowed for a good.
A price ceiling below the equilibrium price has no effect.
A price floor above the equilibrium price has no effect.
Answer:
A price ceiling below the equilibrium price has no effect.
The difference between a price floor and a price ceiling is a price floor is the minimum price allowed for a good. A price ceiling is the maximum price allowed for a good. The correct option is a.
What is price floor?A price floor is a government- or group-imposed price control or limit on how low a price can be charged for a product, good, commodity, or service. A price floor must be higher than the equilibrium price in order to be effective.
The equilibrium price, commonly called the "market price", is the price where economic forces such as supply and demand are balanced and in the absence of external influences the values of economic variables will not change, often described as the point at which quantity demanded and quantity supplied are equal. Governments use price floors to keep certain prices from going too low.
Two common price floors are minimum wage laws and supply management in Canadian agriculture. Other price floors include regulated US airfares prior to 1978 and minimum price per-drink laws for alcohol.
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Overzealous pursuit of wealth, pressure to exceed performance standards, and a culture that values profits more than ethical behavior Multiple choice question. are valid defenses if a company is sued in court for illegal or unethical actions. are the primary causes of the majority of unethical business behaviors. are desirable cultural traits in successful companies. are generally not the main factors behind corporate scandals.
Answer:
are the primary causes of the majority of unethical business behaviors.
Explanation:
An ethic can be defined as a set of both written and unwritten principles, values or rules of moral conduct that guides (governs) human behaviors. It's a reflection that is typically based on identifying what is good or bad, right or wrong and just or unjust with respect to human behaviors.
Ethical issues are mostly complicated for businesses that operate in the global economy because different cultures have different norms and values.
Generally, some of the fundamental cause of unethical business behaviors across the world are;
I. Overzealous pursuit of wealth
II. Undue pressure on employees or the management to exceed performance standards.
III. A culture that values profits more than ethical behavior.
An ethical climate can be defined as a collection of behaviors that are considered to be acceptable and correct within an organization or business firm. Also, an ethical climate provides the human resources management of an organization with a framework or benchmark on how employee behavioral issues or ethical problems are to be managed or handled within the organization.
Thus, an organization with a strong ethical climate is generally considered to have an effective, conducive, just and optimum working standards for its employees and as such would significantly increase employee trust and commitment.
The Rybczynski theorem asserts that in a two-good world, and assuming that product prices stay constant, growth in the endowment of one factor of production, with the other factor unchanged, will lead to:
A. An equal percentage increase in the output of both goods.
B. An increase in the output of the good that uses the growing factor intensively and a decrease in the output of the other good.
C. An increase in the output of both goods but a greater percentage increase in the output of the good that uses the growing factor intensively.
D. An increase in the output of the good that uses the growing factor intensively and no change in the output of the other good.
Answer:
The answer is "Option b".
Explanation:
The theorem of Rybczynski affirms that certain expansion in the endowments of one factor of manufacturing throughout the two-good economy, with other unchanged factors, which would be the result in increased output for the product that employs the increasing factor as well as a drop throughout the output of the other good.
If you could choose to be anything you want, what would you choose to be and why? 2-3 paragraphs
Dermody Snow Removal's cost formula for its vehicle operating cost is $2,980 per month plus $328 per snow-day. For the month of December, the company planned for activity of 22 snow-days, but the actual level of activity was 20 snow-days. The actual vehicle operating cost for the month was $10,490. The spending variance for vehicle operating cost in December would be closest to:
Answer: $950 Unfavorable
Explanation:
Following the information given in the question, the budgeted operating cost will be calculated as the addition of the fixed cost and the variable cost given and this will be:
= $2,980 + ($328 × Level of activity)
= $2980 + ($328 × 20)
= $2980 + $6560
= $9540
Since the actual operating cost is $10,490, then the Spending Variance for the vehicle operating cost will be:
= Flexible Budget - Actual Budget
= $9,540 - $10490
= $950 Unfavorable
What is a good reason to contribute to a 401(k) retirement account?
It helps employees pay monthly expenses.
It guarantees the same salary after age 70.
The money in the 401(k) account doubles each year.
The money in the 401(k) account is not taxed until withdrawn.
Answer:
The money in the 401(k) account is not taxed until withdrawn.
Explanation:
A 401 (k) can be defined as a type of compensation (savings) plan that is being sponsored by a business firm or company (employer) to avail its employees the opportunity to contribute into. As a company-sponsored and defined-contribution retirement savings plan, it offers tax advantages to the employees because it reduces their income tax for the particular year while taxing their withdrawals.
A good reason to contribute to a 401 (k) retirement account is that, the money in the 401 (k) account is not taxed until withdrawn. Thus, the money contributed by an employee to a 401 (k) will maintain its tax-deferred status until he or she withdraws it.
For example, a 401 (k) would be the best retirement savings option for a 50-year old medical doctor whose employer offers a 5% contribution match.
Which of the following best explains the cause-and-effect relationships portrayed by the Balanced Scorecard? Multiple Choice Improvements in the Process perspective leads to improvements in the Learning & Growth perspective. Improvements in the Learning & Growth and Customer perspectives lead to improvements in the Process perspective. Improvements in areas related to Customer and Process perspectives lead to improvements in the Financial perspective. Improvements in the Financial and Process perspectives lead to improvements in the Customer perspective.
Answer:
Improvements in areas related to Customer and Process Perspectives lead to improvements in the Financial Perspective.
Explanation:
A balance scorecard can be defined as a performance metrics used for measuring and assessing the quality of performance of a company.
Generally, the four (4) performance metrics of a balance scorecard includes the following; customer, learning and growth, internal business processes, and financial.
Hence, a balance scorecard should be used to determine whether or not the operations of a business is in synchronization with its vision statement and values.
Typically, improvements in areas related to Customer and Process Perspectives lead to improvements in the Financial Perspective best explains the cause-and-effect relationships portrayed by the Balanced Scorecard.
Cause and effect can be defined as the relationship between two things or events in which an occurrence of one (cause) leads to the occurrence of another (effect).
Social commerce is ______. Multiple choice question. browsing for or trying a product in a physical store but buying it online advertising within social networks to promote goods and services recommending a product to a personal connection in exchange for a discount the use of social networks for browsing and buying products
Answer:
D. the use of social networks for browsing and buying products
Explanation:
A. browsing for or trying a product in a physical store but buying it online
B. advertising within social networks to promote goods and services
C. recommending a product to a personal connection in exchange for a discount
D. the use of social networks for browsing and buying products
Social commerce is the use of social networks for browsing and buying products
Commerce means means the exchange of goods and services between the seller and the buyer.
Social means the gathering where people of different ages, cultures gets to meet each other. There different social networks where people meets on the internet.
Therefore, social commerce is the use of social network for buying and selling of products. The buyer gets to browse different products and order from the seller. The delivery of ordered products could be door step delivery or the buyer picks the product up at a pick up station.
Electronic Wonders reports net income of $96,500. The accounting records reveal Depreciation Expense of $50,200 as well as increases in Prepaid Rent, Accounts Payable, and Income Tax Payable of $38,500, $23,900, and $20,400, respectively. Prepare the operating activities section of Electronic Wonders' statement of cash flows using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.)
Answer:
$152,500
Explanation:
Preparation of the operating activities section of Electronic Wonders' statement of cash flows using the indirect method
Cash flows from operating activities:
Net Income $96500
Adjustments for noncash effects:
Depreciation expense $50,200
Changes in current assets and current liabilities:
increase in accounts payable $23,900
Increase in income tax payable $20,400
Less Increase in prepaid rent ($38,500)
Net cash flows from operating activities $152,500
Therefore the operating activities section of Electronic Wonders' statement of cash flows using the indirect method is $152,500
The Lend-Lease Bill, introduced in Congress: Group of answer choices authorized the president to sell, transfer, lend, lease, or otherwise dispose of other equipment and supplies to any country whose defense the President deems vital to the defense of the United States. forbade the president to sell, transfer, lend, lease, or otherwise dispose of other equipment and supplies to any country whose defense the President deems vital to the defense of the United States. authorized the president to lend arms to only democratic countries. excluded communist countries from receiving any goods.
Answer:
Authorized the president to sell, transfer, lend, lease, or otherwise dispose of other equipment and supplies to any country whose defense the President deems vital to the defense of the United States.
Explanation:
Lend-Lease Act
This bill was said to come into existence on 11th of March, 1941. The Congress passed the Lend-Lease Act. The legislation gave the President at that time, President Franklin D. Roosevelt the right, powers to sell, transfer, exchange, lend equipment to any country to help it defend itself against the other powers.
It was said that with the Lend-Lease bill stated that country of any kind whose defense the President thinks is very important to the defense of the United States will be given or can be able to receive military equipment, supplies, and other necessary materials even if that country is unable to generate funds to pay for those items.
What are the main professions in Nepal? Name them
Answer:
The main profession or occupation of Nepal are as follows ÷
1. Tourism= Tourists Guide, translator, hotel manager, waiter, waitress, porter etc
2. Agriculture = Farmers,Agriculture labour, JTA/TA
3. Education = teacher, academic administrator, instructor, librarian etc
Which statement best describes the outlook for small businesses in international markets? Multiple Choice The world is a larger, and potentially a more lucrative market than the U.S. domestic market. Most foreign buyers prefer to deal with large, well-known corporations rather than small businesses. Higher business costs eliminate the profit opportunities in global markets. The threat of terrorist activities prevents small businesses from competing internationally.
Answer:
The correct option is "The world is a larger, and potentially a more lucrative market than the U.S. domestic market."
Explanation:
An international market can be described as a market that exists outside of a company's home country's international borders. This is different from a domestic market that is located within company's own country.
The international market comprises of the whole world or all the countries in the world. As a result, the international market is larger and more profitable than the domestic market for small businesses.
Therefore, the correct option is "The world is a larger, and potentially a more lucrative market than the U.S. domestic market."
Horace is seeking to exchange money in preparation for his trip to Uruguay. He will need 5,000 Uruguayan pesos, and the exchange rate between the US dollar and the Uruguayan peso is 1:19.924. The currency exchange agent Horace is using requires that a 5% surcharge be paid when converting currency. Taking the surcharge into account, how many US dollars will it take Horace to get 5,000 pesos
Answer:
$263.50
Explanation:
Calculation to determine how many US dollars will it take Horace to get 5,000 pesos
First step is to determine Total Uruguayan pesos to buy
Total Uruguayan pesos= 5,000 Uruguayan pesos + (5,000 Uruguayan pesos* 0.05)
Total Uruguayan pesos=5,000 Uruguayan pesos + 250 Uruguayan pesos
Total Uruguayan pesos = 5,250 Uruguayan pesos
Now let determine how many US dollars will it take Horace to get 5,000 pesos
US dollars needed = (5,250 Ur.$)/(19.924 Ur.$/U$S)
US dollars needed =$263,50
Therefore how many US dollars will it take Horace to get 5,000 pesos will be $263,50
Which of the following should be included in the acquisition cost of a piece of equipment?
Answer: All of these choices are correct.
Explanation:
You didn't give the options to the question. The options include:
testing costs prior to placing the equipment into production
transportation costs
installation costs
All of these choices are correct.
Acquisition cost, is the total cost that is recognized by a company on its books for the purchase of an asset. These costs include the transportation cost, installation cost, shipping cost, testing costs, sales taxes, customs fees, etc.
Therefore, based on the explanation, the correct option is All of the choices are correct.
what is accounting in entrepreneurship
Answer:
Definition: A business's bookkeeping system that tracks the money coming in vs. the money going out. Aside from every business owner's inherent desire to stay in business, there are two other key reasons to set up a good bookkeeping system: 1.
7. Priscilla took out a loan for a new car. What is MOST likely to be TRUE about this process?
Answer: D. The bank will hold the title of the car until her loan is paid off.
Explanation:
When a person uses a car loan to buy a car, the car itself is also used as collateral which means that if the person defaults on the loan, the bank is allowed to repossess the car.
In order to do this, the bank will hold the title of the car until the borrower is able to pay off the loan. Only then is the title properly transferred to the owner who is this case is Priscilla.
All of the following are true regarding a decreasing term policy EXCEPT
A. The payable premium amount steadily declines throughout the duration of the contract.
B. The death benefit is $0 at the end of the policy term.
C. The contract pays only in the event of death during the term and there is no cash value.
D. The face amount steadily declines throughout the duration of the contract.
The statement "The payable premium amount steadily declines throughout the duration of the contract" is not true in the context of decreasing term policy.
To know that which statement is not true, we will the facts associated with 'Decreasing Term Policy';
The insurance amount keeps reducing with the policy's life at a rate which is previously decided at the time of insurance.The amount paid in premium remains stable across the duration of the insurance. Such a policy pays a non-consolidated amount if the insurer dies prior to the maturity of the agreed term.Thus, this shows that option A asserts a false claim regarding 'Decreasing Term Policy.'
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Time Remaining 28 minutes 51 seconds00:28:51 Item 6 Time Remaining 28 minutes 51 seconds00:28:51 A high-level manager gathers his team of supervisors together to create a new office policy that will affect all employees at the company. After receiving a verbal okay from the supervisors, he then proceeds to pass around a written form of the new policy and asks all members of the team to initial it. He explains to the supervisors that the new policy will be posted in the break rooms on each floor of corporate headquarters. If you were a part of this work team, which question would you ultimately ask yourself before initialing your approval of this policy?
Answer: How will it make me feel about myself?
Explanation:
The options to the question include:
A. Is it legal?
B. Is it balanced?
C. How will it make me feel about myself?
D. Is it a lose-lose situation?
If I were a part of this work team, the question that I would ask myself before initialing the approval of this policy is that "how will this make me feel about myself?"
In this case, I'll need to know the impact of the policy and his I could be affected by it if I initial it and how I'll eventually feel about it.
Portillo's Fast Food restaurants are changing their hot dog vendor. The company has realized that in order to stay competitive, its hot dogs need to be made larger and shorter so that they can fit in a new smaller-sized hot dog bun. Consequently, Portillo's is looking for a vendor that can provide a product according to its new specifications at a price that is less than what it was paying in the past. At what stage in the business buying process is Portillo's
Answer: supplier search
Explanation:
Portillo's Fast Food restaurants are in the supplier search stage in the business buying process. The supplier search refers to the stage of the business buying process whereby the buyer or the company seeks the best suppliers or vendors.
The company can compile a list of suppliers and make a research about them to know the one that's most appropriate to carry out the job at hand and will be most effective and efficient. This can be infered from the question as Portillo's is looking for a vendor that can provide a product according to its new specifications at a price that is less than what it was paying in the past.
PLS HELPPP FASTTT!!!! Which of the following is not consistent with the efficient market hypothesis?
a. Stock prices should follow a random walk.
b. Index funds should typically outperform highly managed funds.
c. News has no effect on stock prices.
d. There is little point in spending many hours studying the business pages looking for undervalued stocks.
Answer:
c. News has no effect on stock prices.
Explanation:
A foreign exchange market can be defined as a type of market where the currency of a country is converted to that of another country. For example, the conversion of the United States of America dollars into naira, rands, yen, pounds, euros, etc., at the foreign exchange market.
Efficient market school is the market school which argues that forward exchange rates do the best possible job for forecasting future spot exchange rates, so investing in exchange rate forecasting services would be a waste of time because it is impossible to have a consistent alpha generation on a risk adjusted excess returns basis as market prices are only affected by new informations.
The efficient market school also known as the efficient market hypothesis (EMH) is a hypothesis which states that, asset (share) prices reflect all information and it is very much impossible to consistently beat the market. Also, forward exchange rates are exchange rates controlling foreign exchange transactions at a specific future date or time.
According to the efficient market hypothesis, News has an effect on
the prices at which a stock is sold because it affects demand and supply.
Review Question 1 What is meant by deadweight​ loss? Why does a price ceiling usually result in a deadweight​ loss? Deadweight loss is a​ _____________________. A price ceiling results in a deadweight loss when the ceiling price is set​ ________________ the market clearing price. A. net loss in​ output; above B. net loss of consumer and producer​ surplus; below C. net loss in​ output; below D. net loss of consumer and producer​ surplus; above Click to select your answer and then click Check Answer. All parts showing
Answer:
b
Explanation:
Price ceiling is when the government or an agency of the government sets the maximum price for a product. It is binding when it is set below equilibrium price.
Effects of a binding price ceiling
1. It leads to shortages
2. it leads to the development of black markets
3. it prevents producers from raising price beyond a certain price
4. It lowers the price consumers pay for a product.
The dead weight loss is the reduction in total surplus as a result of price setting. When price is set below equilibrium price, less goods are produced and consumed. This leads to a reduction in consumer and producer surplus
Consumer surplus is the difference between the willingness to pay of a consumer and the price of the good.
Producer surplus is the difference between the price of a good and the least price the seller is willing to sell the product
