Consumer Surplus

question 88

Multiple Choice

Consumer surplus

• A)is the difference between what a consumer pays for a good and the producer's cost.
• B)is the extra money a consumer pays above the minimum necessary price for the producer to produce it.
• C)is the difference between what a consumer would willingly pay for a good and the price actually paid.
• D)equals zero in the long run.

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Definitions:

Bagels

A type of bread product originating from the Jewish communities in Poland, known for its dense, chewy texture and a hole in the middle.

Supply

The total amount of a specific good or service that is available to consumers at a particular price level.

Demand

The amount of a product or service that buyers are prepared and capable of buying at different price levels over a specified time frame.

Consumption

The use of goods and services by households or individuals, which is a primary component of economic activity.