Jake Just Bought a New Hockey Stick

question 10

Multiple Choice

Jake just bought a new hockey stick. When he was leaving the shop, he thought he had such a great deal and would have paid $50 more dollars for the stick. Jake received

• A) total surplus.
• B) consumer surplus.
• C) equilibrium.
• D) marginal cost.
• E) producer surplus.

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Definitions:

Extreme-Value Retailer

is a retail store offering products at very low prices, often focusing on discounted, overstock, and closeout merchandise.

Warehouse Club

A membership-based retail store offering a wide variety of merchandise, often in bulk, at discounted prices.

Annual Membership Card

A card issued to members granting them access to benefits and services for a year, often used by clubs, organizations, or businesses to foster customer loyalty.

Outlet Store

A retail store that sells products directly from the manufacturer at reduced prices, often overstock or out-of-season items.