Consumer Surplus Exists When

question 308

Multiple Choice

Consumer surplus exists when

• A) it costs less to produce goods than buyers must pay for them.
• B) consumers value the good more highly than what they must pay to buy it.
• C) taxes on goods are less than the appropriate amount.
• D) the marginal benefit of the good is always equal to or less than the price of the good.
• E) the price of the good is greater than the marginal cost of producing a unit of the good.

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Definitions:

Appeals Court

A court that reviews decisions made by lower courts to determine if legal errors were made that could change the outcome of a decision.

Minnesota Administrative Code

A compilation of the rules and regulations enacted by agencies of the state of Minnesota to govern conduct within the state.

North Western Regional Reporter

A compilation of appellate court decisions from northwestern states of the USA, used for legal research.

Appellant

A party who appeals a court decision, seeking a review and potential reversal of that decision by a higher court.