Consumer Surplus

question 97

Multiple Choice

Consumer surplus

• A)is the amount of a good that a consumer can buy at a price below equilibrium price.
• B)is the amount a consumer is willing to pay minus the amount the consumer actually pays.
• C)is the number of consumers who are excluded from a market because of scarcity.
• D)measures how much a seller values a good.

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Definitions:

Real Consequences

The actual outcomes or effects that result from actions or decisions.

Duty Ethics

An ethical framework that emphasizes duties or moral obligations as the basis for action, typically associated with the philosophy of Immanuel Kant.

Personalistic Ethics

An ethical perspective that emphasizes the centrality of individual human beings and their values and moral decision-making.

End-result Ethics

A perspective on ethics that judges the morality of an action based solely on its outcomes or consequences.