Figure 6-3 -Along the Elastic Portion of a Demand Curve, the

question 53

Multiple Choice

Figure 6-3
-Along the elastic portion of a demand curve, the

• A)change in price will always be greater than the change in quantity demanded.
• B)percentage change in quantity demanded will be less than the percentage change in price.
• C)change in price will always be less than the change in quantity demanded.
• D)percentage change in price will be less than the percentage change in quantity demanded.

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Definitions:

Consumer Surplus

The disparity between the total cost consumers are inclined and able to bear for a good or service and the total cost they actually bear.

Consumer Surplus

The economic benefit consumers receive when they pay a price below what they were willing to pay, reflecting consumer satisfaction in economic transactions.

Consumer Surplus

The disparity between the ideal payment consumers are ready to make for a good or service and the real amount paid.

Total Expenditure

The overall amount of money spent by individuals, households, or an economy on goods and services over a specific period of time.