A Consumer Surplus Can Be Best Described as

question 37

Multiple Choice

A consumer surplus can be best described as

• A) what the consumer has "left over" after a purchase.
• B) how much extra a consumer has to pay for a product.
• C) value for the money.
• D) the premium charged for a quality product.

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Definitions:

Federal Taxes

Taxes collected by the national government, including income taxes and Social Security taxes.

Perfectly Elastic

Describes a situation where the quantity demanded or supplied responds infinitely or massively at a particular price level, often represented by a horizontal line on a graph.

Excise Tax

An indirect tax charged on the sale of a particular good, usually intended to discourage use of the good or to raise revenue.

Tax Incidence

The degree to which a tax falls on a particular person or group.