Which of the Following Statements Best Describes the Concept of Consumer

question 90

Multiple Choice

Which of the following statements best describes the concept of consumer surplus?

• A)"I paid $89 for a microwave oven last week.This week the same store is selling the same microwave oven for $69."
• B)"I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5."
• C)"Target was having a sale on tube socks so I bought 5 pairs."
• D)"I was going to pay $200 for new sunglasses that I had seen at the Oakley store but I ended up paying only $140 for the same sunglasses."

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Definitions:

At Least

A term used in probability and statistics indicating a minimum threshold or the smallest number that is significant in a given context.

Roll a Die

Rolling a die is a random act that produces an outcome between 1 and 6, each with an equal probability.

Win the Game

Achieving a higher score or meeting the criteria for victory in a competitive activity.

Independent

Free from outside control or influence, able to function or operate on its own.