The Difference Between the Maximum Price the Consumer Is Willing

question 16

Multiple Choice

The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as:

• A)market surplus
• B)market shortage
• C)buyer surplus
• D)seller surplus.

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Definitions:

AFL

American Federation of Labor, a historic national federation of labor unions in the United States, which merged with the Congress of Industrial Organizations in 1955.

Threat

A declaration or suggestion of intent to cause damage, pain, or harm as a means of achieving a particular outcome or coercing actions from another party.

Union Membership

Affiliation with a labor union that represents workers in negotiations with employers over pay, benefits, and working conditions.

Public Sector

The portion of the economy composed of government services and state-owned enterprises, in contrast to the private sector.