Consumer Surplus

question 12

Multiple Choice

Consumer surplus

• A)will definitely be low for inexpensive goods.
• B)will definitely be high for inexpensive goods.
• C)will definitely be low for expensive goods.
• D)will definitely be high for expensive goods.
• E)may be low or high for any type of good, expensive or inexpensive, depending on the characteristics of demand.

---

Definitions:

Reverse Marketing

A strategy where buyers actively seek out suppliers or convince potential suppliers to provide goods or services, reversing the traditional marketing roles.

World-class Suppliers

Suppliers that offer best-in-class services, quality, and efficiency, often recognized for their excellence through industry awards or certifications.

Technological Change

The process of innovation and the introduction of new technologies or methods to improve products, services, or processes.

Supply Chain Management

The coordinated management of all activities involved in sourcing, procuring, producing, and delivering goods or services to consumers.