The Difference Between What a Consumer Is Willing to Pay

question 5

Multiple Choice

The difference between what a consumer is willing to pay for a product and what she actually pays when buying it is known as

• A)consumer surplus.
• B)the exchange rate.
• C)the inflation rate.
• D)price discrimination.

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Definitions:

Felony Offenses

Felony offenses are serious crimes typically punishable by imprisonment for more than one year or by death, such as murder, rape, and robbery.

Reliability

The degree to which an assessment tool produces stable and consistent results over time.

Utility

A term used to describe services provided to the public, such as water, electricity, natural gas, and sewage treatment.