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:

Public Policy

Public policy refers to the system of laws, regulatory measures, courses of action, and funding priorities concerning a given topic promulgated by a governmental entity or its representatives.

Oral Assignments

Assignments or agreements made verbally rather than in writing; depending on the context, they may not be legally binding.

Notice of Assignment

A formal notification that a contract or property has been legally transferred from one party to another.

Statute of Frauds

A legal principle that requires certain types of contracts to be executed in writing and signed by the party to be charged.