When Consumers Are Able to Buy a Product at a Price

question 44

Multiple Choice

When consumers are able to buy a product at a price lower than its
Marginal value to them, it is called:

• A)consumer surplus.
• B)consumer sovereignty.
• C)producer surplus.
• D)marginal utility.

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Definitions:

Misrepresenting Age

The act of falsely stating one's age, typically for the purpose of obtaining age-restricted goods, services, or rights.

Disaffirmance

The legal right of a minor to renounce a contract, thereby being freed from any contractual obligations.

Duty

A legal or moral obligation to act or refrain from acting in a certain way.

Sale of Goods

A commercial transaction involving the transfer of ownership of tangible personal property from a seller to a buyer for a price.