Which of the Following Is the Definition of Consumer Surplus

question 123

Multiple Choice

Which of the following is the definition of consumer surplus?

• A)the difference between the value that consumers place on a good and the payment they make to buy the good,summed over the quantity consumed
• B)the total value that consumers place on the quantity consumed of some good
• C)the quantity consumed in excess of the allocatively efficient amount
• D)the value that consumers place on the last unit consumed of a good
• E)the marginal value that consumers place on the last unit consumed of a good

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Definitions:

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Upper-middle-income

A classification of socio-economic status used to describe individuals or families with income levels between the middle class and the affluent.

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Population Growth Rates

The rate at which the number of individuals in a population increases in a given time period as a result of birth rate, death rate, and net migration.