The Concept of Consumer Surplus Is Defined As

question 26

Multiple Choice

The concept of consumer surplus is defined as:

• A)The difference between the maximum price the customer would have been prepared to pay and the actual price he pays
• B)The customer satisfaction generated by the sale
• C)The difference between the value of the firm's outputs and inputs
• D)The portion of product a customer doesn't consume when he buys too much

Learn to compute profit or loss from a sale price in retail settings.

Calculate the actual realized mark-up in special discount scenarios.

Know how to calculate profit or loss for discounted products.

Understand the concepts of mark-up, markdown, and break-even price in retail.

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Definitions:

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