Consumer Surplus Is the ________

question 129

Multiple Choice

Consumer surplus is the ________.

• A) difference between the buyer's reservation value and the price he actually pays
• B) product of a buyer's reservation value and the price he actually pays
• C) sum of a buyer's reservation value and the price he actually pays
• D) ratio of a buyer's reservation value to the price he actually pays

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Definitions:

Specialty Product

A type of product that consumers purchase less frequently, with unique characteristics or brand identification, for which a significant group of buyers is willing to make a special purchasing effort.

Shopping Products

Goods that consumers purchase after comparing quality, price, and style from several sellers.

Selective Outlets

Retail locations chosen for the distribution of particular products based on specific criteria like demographics or brand philosophy.

Special Order

A request for a product that is not regularly stocked by a retailer, often requiring a special purchase from the supplier.