If an Individual Consumer Is Willing to Pay $11 for One

question 100

Multiple Choice

If an individual consumer is willing to pay $11 for one unit of a good but is able to purchase it for $7, then his or her consumer surplus from the purchase of that unit would be:

• A)$18.
• B)$11.
• C)$7.
• D)$4.

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Definitions:

Demand Curve

A visual depiction showing how the quantity of a product demanded is related to its price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price, holding all else constant.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers over a range of prices.

Upward-Sloping

Characteristic of a curve on a graph that demonstrates an increase in one variable as another variable increases, often seen in supply curves.