Identify the Following Terms

question 56

Short Answer

Identify the following terms.
-the Deccan Plateau

---

Definitions:

Marginal Utility

The increased happiness a buyer experiences by consuming an extra unit of a product or service.

Consumer Surplus

Consumer surplus is the difference between what consumers are willing to pay for a good or service and what they actually pay, measuring consumer satisfaction.

Consumer Surplus

The discrepancy between what consumers are ready and capable of paying for a product or service and what they end up actually spending.

Alfred Marshall

A British economist, known for his significant contributions to classical economics, especially his work on the principles of economics, including the theories of supply and demand.