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

question 82

Multiple Choice

The benefit that consumers get when they buy goods at the equilibrium price is called

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

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Definitions:

Psychological Needs

The basic mental requirements for human well-being, such as the need for love, esteem, belonging, and self-actualization.

Social Comparison

The process by which individuals assess their own abilities, achievements, and conditions in comparison to others.

Upward Social Comparison

The process by which individuals compare themselves to others who are perceived to be better off or superior in some way.

Downward Social Comparison

Downward social comparison is a process where individuals compare themselves to others who are less well off in order to feel better about their own situation.