Consumer Surplus Is

question 72

Multiple Choice

Consumer surplus is

• A)a concept that helps us make normative statements about the desirability of market outcomes.
• B)represented on a graph by the area below the demand curve and above the price.
• C)a good measure of economic welfare if buyers' preferences are the primary concern.
• D)All of the above are correct.

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Definitions:

Scatter Diagram

A graphical representation using dots to show the relationship between two quantitative variables.

Scatter Diagram

A graphical representation of data points to show the relationship between two variables, with one variable on each axis.

Categories

Groups or classes into which data or items are organized based on shared characteristics or properties.

Observations

The act of recording or the data recorded during an experiment or study, representing instances or examples of a phenomenon.