What Type of Consumer Product Is Most Likely to Be

question 160

Multiple Choice

What type of consumer product is most likely to be made in a sweatshop?

• A) clothing
• B) automobiles
• C) electronics
• D) furniture
• E) toys

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, due to higher market prices.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to buy at a specific price, holding all other factors constant.

Quantity Supplied

The total amount of a commodity that producers are willing and able to sell at a given price level within a specified time period.

Consumer Surplus

The benefit or surplus that consumers receive from purchasing goods and services at a price lower than the highest price they would be willing to pay.