The MPC Can Be Defined as the

question 61

Multiple Choice

The MPC can be defined as the

• A) change in consumption divided by the change in income.
• B) change in income divided by the change in consumption.
• C) ratio of income to saving.
• D) ratio of saving to consumption.

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Definitions:

Equilibrium

The condition where supply and demand in the market are equal, leading to stable prices.

Consumer Surplus

The disparity in amounts between what is potentially spent by consumers and what is actually spent on a good or service.

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.

Consumer Surplus

The gap between the price consumers are ready to pay for a good or service and the price they end up paying.