The Concept of Consumer Surplus Is Useful in Helping Evaluate

question 10

True/False

The concept of consumer surplus is useful in helping evaluate government spending decisions.

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Definitions:

Efficiency

The property of a resource allocation of maximizing the total surplus received by all members of society.

Equality

The property of distributing economic prosperity uniformly among the members of society.

Decision Making

The cognitive process resulting in selecting a course of action among several alternatives.

Change Minds

The process of altering one's thoughts, opinions, or decisions based on new information or reconsideration.