The Value That Consumers Get (From Consuming a Product) Over

question 151

Multiple Choice

The value that consumers get (from consuming a product) over and above what they actually paid for the product is called

• A) consumer utility.
• B) consumption expenditures.
• C) consumer surplus.
• D) consumer demand.

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Definitions:

Indirect Cost

Expenses not directly tied to the production of goods or services, such as utilities or rent.

Plant Manager's Salary

The compensation paid to the individual responsible for overseeing the operations of a manufacturing facility.

Period Costs

Expenses that are not directly tied to the production process and are instead incurred over a specific time period, such as selling, general, and administrative expenses.

Operating Costs

Expenses associated with running a business on a day-to-day basis, such as rent, utilities, and payroll, excluding costs associated with producing goods.