Which of the Following Would Be the Best Example of Consumer

question 167

Multiple Choice

Which of the following would be the best example of consumer surplus?

• A) Jane pays $30 a month for phone service even though it is worth $70 to her.
• B) Sam refuses to pay $10 for a hair cut because it is only worth $8 to him.
• C) Fred buys a car for $4,000, the maximum amount that he would be willing to pay for it.
• D) When Sue purchases a candy bar for $.50, she uses a $20 bill to pay for it.

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Definitions:

Long-Term Goals

Objectives or targets that an individual, group, or organization aims to achieve over an extended period, typically exceeding one year.

Short-Term Goals

Objectives intended to be achieved in a relatively short period, typically less than one year.

Initial Goals

The primary objectives or aims set at the beginning of a project or process.

Patent Law

The area of law that deals with the protection of inventions and the procedure for obtaining patents.