Richard Branson, Founder of the Virgin Label, Is Known for His

question 4

Multiple Choice

Richard Branson, founder of the Virgin label, is known for his:

• A) charisma and consistency
• B) creativity and innovation
• C) goodwill and generosity
• D) tolerance and passion

---

Definitions:

Allocative Efficiency

A state of the economy in which resources are allocated in a way that maximizes the overall benefit to society, where the marginal costs of production are equal to the marginal benefits for all goods and services.

Producer Surplus

The difference between the amount producers are willing to supply a good for and the amount they actually receive.

Consumer Surplus

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

Marginal Benefit

This is the additional benefit received from the consumption of one more unit of a good or service.