What Term Describes the Price at Which a Consumer Is

question 2

Multiple Choice

What term describes the price at which a consumer is indifferent between buying a product and going without it?

• A)Value creation
• B)Competitive advantage
• C)Consumer surplus
• D)Maximum willingness-to-pay
• E)Value chain

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Definitions:

Burden of the Tax

The distribution of the financial impact of a tax between buyers and sellers in a market.

Deadweight Loss

An economic inefficiency resulting from the failure to achieve or the impossibility of achieving equilibrium in the market for a particular good or service.

Supply Curves

Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing to provide.

Tax Revenue

The earnings obtained by governments from tax collection.