If a Consumer Is Willing and Able to Pay $20

question 83

Multiple Choice

If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good,then for that consumer,consumer surplus amounts to

• A)$4.
• B)$16.
• C)$20.
• D)$36.

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Definitions:

Point Estimate

A single value that serves as the best guess or best estimate of a population parameter based on sample data.

Point Estimate

A single value given as the best guess or estimate representing a population parameter, based on sample data.

Proportion

A part, share, or number considered in comparative relation to a whole; a statistical measure often used to describe a characteristic of a sample.

Variability

The extent to which data points in a statistical distribution or dataset differ from the average or mean value.