Which Statement About Consumer Surplus Is Correct

question 67

Multiple Choice

Which statement about consumer surplus is correct?

• A) Consumer surplus is the gross benefit to consumers from the exchange that occurs in a market.
• B) Consumer surplus is the gains from trade on the part of the consumer that result from a market transaction.
• C) Total consumer surplus is equal to the price the consumers paid multiplied by the quantity they purchased.
• D) Consumer surplus is the difference between the minimum price the consumer is willing to pay and the market price.

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Definitions:

Kamares Ware

A type of Minoan pottery from Crete, dating to the Middle Bronze Age, celebrated for its intricate, dark patterns on a light background.

Lion Gate

The main entrance of the Bronze Age citadel of Mycenae in Greece, characterized by its monumental structure and the iconic relief of two lions.

Mycenaean Site

Archaeological locations associated with the Mycenaean civilization in Greece, characterized by fortified palaces and rich grave goods.

Mycenae

An ancient city located in the Peloponnese of Greece, known for its significant archaeological sites from the Mycenaean civilization.