In an Unregulated, Competitive Market, Consumer Surplus Exists Because Some

question 15

Multiple Choice

In an unregulated, competitive market, consumer surplus exists because some:

• A) sellers are willing to take a lower price than the equilibrium price.
• B) consumers are willing to pay more than the equilibrium price.
• C) sellers will only sell at prices above equilibrium price (or actual price).
• D) consumers are willing to make purchases only if the price is below the actual price.

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Definitions:

Community Standard

Refers to the moral, ethical, or legal expectations that are generally held by a community or society.

Preserve Social Order

Efforts or measures taken to maintain societal norms and regulations, ensuring the smooth function and stability of a community or society.

Rational Consideration

The idea that decisions in contracts are made based on sound judgment and with a reasonable expectation of benefit or reward.

Driving Under Influence (DUI)

The criminal offense of operating a vehicle after consuming alcohol or other intoxicants, beyond legal limits.