Which of the Following Statements Is TRUE

question 19

Multiple Choice

Which of the following statements is TRUE?

• A) Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and its market price.
• B) Bill is willing to pay $10 for a pound of clay. If he buys a pound of clay at a market price per pound of $5, his consumer surplus is $2.
• C) Total consumer surplus is represented graphically by the area beneath the demand curve.
• D) Total consumer surplus is represented graphically by the area above the demand curve.

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Definitions:

Glands Ducts

Glands ducts are tubes through which glands secrete their products, such as hormones or enzymes, to their intended site of action or use.

Compound

Substance composed of two or more different types of atoms that are chemically combined.

Simple

In biological terms, this often relates to structures that are uncomplicated in form, such as simple tissues that consist of a single type of cell.

Endocrine Glands

Organs that secrete hormones directly into the bloodstream to regulate various body functions.