Legal Definition of misnomer. : the misnaming of a person in a legal document or proceeding (as in a complaint or indictment); specifically : the institution of proceedings against and service of process on the correct party using the incorrect name â compare idem sonans.
Definition of 'Producer Surplus' Definition: Producer surplus is defined as the difference between the amount the producer is willing to supply goods for and the actual amount received by him when he makes the trade. Producer surplus is a measure of producer welfare. It is shown graphically as the area above the supply curve and below the equilibrium price. Here the producer surplus is shown in gray. As the price increases, the incentive for producing more goods increases, thereby increasing the producer surplus. Description: A producer always tries to increase his producer surplus by trying to sell more and more at higher prices.
aThe resources used in the production, for whom the output is produced. bthe mix of output produced, the resources used in the production process. cfor whom the output is produced, the mix of output produced. dthe mix of output produced, the resources used in the production process, for whom output is produced. d.the mix of output produced, the resources used in the production process, for whom output is produced. If production in the economy is efficient, then changes in market prices. a.Move us from a point below the PPC to a point on the production possibilities curve. b.Move us to a point above the PPC.