Consumer's Surplus

question 21

Multiple Choice

Consumer's surplus

• A)is the gap between total willingness to pay and the total market value of a good.
• B)guarantees that the market value of a good in money is equal to the total economic value of the good.
• C)is always negative because of diminishing marginal utility.
• D)is the total area under a consumer's demand curve.

---

Definitions:

Visible Outcome

Describes a result or effect of an action, policy, or process that is easily observed, measured, or assessed.

Major Part

Describes the most significant or substantial component, section, or aspect of a whole, often holding the greatest importance or influence.

Telecommuting

Refers to the practice of working from a remote location, outside of a traditional office environment, often facilitated by digital communication technologies.

Scheduled Work Hours

The planned, designated times during which employees are expected to be performing their work duties.