Consumer Surplus Is

question 56

Multiple Choice

Consumer surplus is

• A)the difference between the maximum price consumers are willing to pay and the minimum price producers are willing to accept.
• B)the excess of the benefit received from a good over the amount paid for it.
• C)the total value to consumers of a good.
• D)equal to the area under the demand curve.
• E)the total amount paid for a good.

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Definitions:

Taft-Hartley Act

A United States federal law enacted in 1947 that restricts the activities and power of labor unions.

Wagner Act

A foundational piece of U.S. labor law, officially the National Labor Relations Act of 1935, which guarantees basic rights of private sector employees to organize into trade unions, engage in collective bargaining, and take collective action such as strikes.

Pure Monopsony

A market condition where there is only one buyer for a product or service, giving that buyer significant control over market conditions.

Injunction

A legal order issued by a court that compels a party to do or refrain from specific acts.