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:

Control Fate

The concept of having influence or control over the outcomes of one's actions or the direction of events in one's life or environment.

Own Fate

involves the belief or sense that an individual has control over their destiny and the outcomes of their actions.

Type B Orientation

Type B Orientation describes individuals characterized by less competitive, more relaxed, and less stress-driven behavior patterns in comparison to Type A individuals.

Impatience

A disposition toward being quickly irritated or provoked by delays or obstacles.