Examlex
Regarding the performance of various ethnic groups on IQ tests, which of the following statements is FALSE?
Consumer Surplus
The discrepancy between what consumers are prepared and capable of spending on a product or service versus what they end up paying.
Decreases Price
A reduction in the cost or value of a good or service.
Consumer Surplus
The variance between the overall sum consumers can and will pay for a good or service and what they genuinely spend on it.
Producer Surplus
The difference between the amount that producers are willing and able to sell a good for and the actual amount they receive (higher market price).
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