​Which of the Following Was the Top Consumer Fraud in Number

question 14

Multiple Choice

​Which of the following was the top consumer fraud in number of victims identified in the U S Federal Trade Commission report?

• A)​foreign lottery scams
• B)​advance fee loan scams
• C)​fraudulent weight-loss products
• D)​credit card insurance

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Definitions:

Government-Granted Exclusive Right

A privilege or authority granted by the government to an individual or organization, typically giving them the sole right to produce, use, or sell a particular good or service.

Willingness to Pay

The maximum amount that a consumer is prepared to spend on a good or service.

Profit

The financial gain achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium for a good or service is not achieved or is unattainable.