The Benefit That Consumers Get When They Buy Goods at the Equilibrium

question 118

Multiple Choice

The benefit that consumers get when they buy goods at the equilibrium price but were willing to pay more is called

• A)Marginal utility.
• B)The law of demand.
• C)Consumer surplus.
• D)Maximum price.

---

Definitions:

Price

The financial requisition expected, imposed, or presented for something.

Output

The total amount of products or services produced by a company or economy in a given period.

Efficiency

The measure of how well resources are used and allocated to achieve a specific outcome with minimal waste.

Patent

A legal right granted to an inventor or assignee, giving them exclusive rights to manufacture, use, or sell an invention for a certain number of years.