Which of the Following Statements Best Describes the Concept of Consumer

question 77

Multiple Choice

Which of the following statements best describes the concept of consumer surplus?

• A)"Sobey's was having a sale on Chapman's ice cream so I bought 6 litres."
• B)"I was all ready to pay $300 for a new leather jacket that I had seen in Hudson's Bay, but I ended up paying only $180 for the same jacket."
• C)"I paid $130 for a printer last week. This week the same store is selling the same printer for $110."
• D)"I sold my Blu-ray copy of Ben-Hur for $18 at a garage sale even though I was willing to sell it for $10."

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Definitions:

Output

The amount of products or services generated by a business, sector, or nation during a specific period.

Auto Repairs

Services provided to fix or maintain vehicles to ensure they are in optimal working condition.

Gasoline

A petroleum-derived liquid mixture consisting primarily of hydrocarbons, used primarily as fuel in internal combustion engines.

Auto Repairs

Services provided by mechanics and technicians to fix and maintain vehicles to ensure their proper functioning.