Consumer Surplus Is

question 56

Multiple Choice

Consumer surplus is

• A)the difference between the maximum price consumers are willing to pay and the minimum price producers are willing to accept.
• B)the excess of the benefit received from a good over the amount paid for it.
• C)the total value to consumers of a good.
• D)equal to the area under the demand curve.
• E)the total amount paid for a good.

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Definitions:

Schlieffen Plan

A German military strategy developed before World War I to quickly defeat France and then turn east against Russia.

Trench Warfare

A method of combat during World War I in which opposing troops fought from systems of trenches dug into the ground.

Battle of the Marne

A significant First World War battle near the Marne River in France in 1914, which resulted in a victory for the Allies, halting the German advance towards Paris.

Triple Entente

An alliance formed in the early 20th century between France, Russia, and Great Britain, which played a significant role in the build-up to World War I.