Consumer Surplus Is The

question 214

Multiple Choice

Consumer surplus is the:

• A) number of consumers who are excluded from a market because of scarcity.
• B) amount of a good that consumers will buy at a price below the equilibrium price.
• C) amount consumers are willing to pay for a good minus the amount the consumers actually pay for it.
• D) amount consumers are willing to pay for a good minus the cost of producing the good.

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Definitions:

Warning Buoys

Floating devices placed in bodies of water to alert mariners of potential hazards, changes in weather conditions, or to mark safe navigation channels.

Tectonic Setting

The geological and geophysical environment of an area in relation to the structure and movement of the Earth's lithosphere.

Sudden Movement

An abrupt shift, typically referring to geological events like earthquakes.

Fault

A fracture or zone of fractures in rock along which there has been displacement of the sides relative to one another parallel to the fracture.