Murphy's Law Is the Notion That

question 11

Multiple Choice

Murphy's law is the notion that

• A) if you build it they will come.
• B) what can go wrong will go wrong.
• C) bigger is better.
• D) everything happens for a reason.

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Definitions:

Demand

The desire to purchase goods and services backed by the ability and willingness to pay a certain price.

Consumer Surplus

The gap between the total price consumers are ready and able to spend on a good or service and what they actually spend.

Willingness To Pay

The maximum amount an individual is prepared to spend to acquire a good or service.

Producer Surplus

The difference between what producers are willing to sell a good for and the actual price they receive, representing the benefit to producers.