Consumer Surplus

question 95

Multiple Choice

Consumer surplus:

• A) is minimized in market equilibrium.
• B) measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product.
• C) measures the value between the price consumers are willing to pay for a product and the price they actually pay.
• D) measures the price at which sellers extract excess profits from consumers.

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Definitions:

Rounded

The process of approximating a number to a specified degree of precision, often to make it simpler to handle or understand.

Product

In mathematics, a product refers to the result of multiplying two or more numbers or expressions.

Rounded

The process of adjusting the digits of a number to reduce its precision according to a specific rule, usually to make it simpler or easier to understand.

Median

The middle value of a data set when it is ordered from smallest to largest, or the average of the two middle values when the dataset has an even number of observations.