Consumer Surplus

question 46

Multiple Choice

Consumer surplus

• A) is the total value that a consumer receives from the purchase of a particular good.
• B) is the sum of the marginal values to the consumer.
• C) is a measure of the gains that a consumer forgoes by buying this product rather than another.
• D) is the difference between what the consumer is willing to pay for all the units consumed and what he or she actually paid.
• E) is the consumption of a commodity above and beyond the amount required by the consumer.

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Definitions:

BIOS-Stored Program

A fundamental piece of firmware stored on a chip on the motherboard, responsible for booting up the computer and managing data flow between the computer's operating system and attached devices.

POST

Power-On Self Test (POST) is an initial diagnostic testing sequence that checks the hardware of a computer to ensure it is functioning properly before starting the operating system.

Basic Hardware

Fundamental physical components of a computer system, including the CPU, RAM, hard drives, motherboard, and power supply.

Cache Memory

Fast memory designed to increase processor operations.