Which of the Following Statements Is Correct

question 107

Multiple Choice

Which of the following statements is correct?

• A) Consumer surplus equals the price paid for a good.
• B) The consumer surplus from a good is always larger than the total benefit from the good.
• C) An increase in price decreases consumer surplus.
• D) An increase in price has no effect on consumer surplus.
• E) The consumer surplus from a good or service must always equal producer surplus.

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Definitions:

Scientific Knowledge

Knowledge that has been systematically gathered, tested, and proven through the scientific method.

Value Laden

A term, concept, or argument that contains subjective values, biases, or cultural morals.

Demurrer

A legal objection that challenges the validity of a complaint, charge, or claim in court, without addressing the facts, but rather contending that the legal issues raised are insufficient.

Affirmative Defense

A legal defense used in litigation where the defendant introduces evidence, which, if found to be credible, will negate criminal or civil liability, even if it is proven that the defendant committed the alleged acts.