The Internet Makes Customers _________ Powerful; This Is a _________

question 100

Multiple Choice

The internet makes customers _________ powerful; this is a _________ pressure.

• A) less; market
• B) less; societal
• C) more; market
• D) more; societal

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service and the actual price they receive, reflecting the benefit to producers from higher prices.

Consumer Surplus

The gap between what consumers are prepared to spend on a product or service and the actual amount they end up paying.

Maximum Willingness

The highest amount an individual is prepared to pay for a good or service, reflecting their subjective valuation of its utility.

Output

The total amount of goods and services produced by an economic system or by a firm.