Consider the Classes Shown Below

question 14

Multiple Choice

Consider the classes shown below:

• A)Method 1 only
• B)Methods 2 and 3 only
• C)Methods 1 and 2 only
• D)Methods 1, 2, and 3

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Definitions:

Demand Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity demanded by consumers over a period of time.

Consumer Surplus

The discrepancy between the entire sum buyers are ready and capable of paying for a product or service and what they really spend.

Marginal Utility

The additional satisfaction or benefit received by a consumer from consuming one more unit of a good or service.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount that they actually pay.