During the Question-And-Answer Phase of an Interview,try to Keep Your

question 77

True/False

During the question-and-answer phase of an interview,try to keep your answers short; usually just a yes or no will do.

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Definitions:

Consumer Surplus

The difference between the total amount consumers are willing and able to pay for a good or service and the total amount they actually pay.

Willing to Pay

The maximum price at which a consumer values a good or service enough to purchase it.

Producer Surplus

The difference between the amount producers are willing to receive for a good or service and the amount they actually receive, due to higher market prices.