The Difference Between the Maximum a Person Is Willing to Pay

question 66

Multiple Choice

The difference between the maximum a person is willing to pay and current market price is known as

• A) consumer surplus.
• B) producer surplus.
• C) market surplus.
• D) nonprice surplus.

---

Definitions:

Projection

A psychological defense mechanism where undesirable feelings or emotions are attributed to others instead of oneself.

Reaction Formation

A defense mechanism where an individual unconsciously replaces unacceptable thoughts or feelings with their opposites.

Altruism

The belief in or practice of disinterested and selfless concern for the well-being of others.

Obsessive-Compulsive Disorder

A mental disorder characterized by recurring, unwanted thoughts (obsessions) and repetitive behaviors (compulsions) as a response to those thoughts.