Consumer Surplus Is

question 10

Multiple Choice

Consumer surplus is

• A)the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
• B)the amount a buyer is willing to pay for a good minus the cost of producing the good.
• C)the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.
• D)a buyer's willingness to pay for a good plus the price of the good.

---

Definitions:

Break-Even Point

The point at which total costs and total revenue are equal, resulting in no net loss or gain.

Output

The total amount of goods and services produced by an economy, company, or industry within a specific period.

Long-Run Supply Curve

A graphical representation showing the relationship between price and the quantity supplied that firms are willing to produce, given all inputs are variable.

Output

The cumulative quantity of products or services generated by a corporation, sector, or economic system.