Consumer Surplus Is

question 32

Multiple Choice

Consumer surplus is

• A)the same as Karl Marx's notion of surplus value.
• B)the same as total utility.
• C)the sum of the extra value placed on each unit of a commodity above the market price paid for each.
• D)the total value that consumers place on their purchases.
• E)the marginal value that consumers place on their purchases.

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Definitions:

Socioeconomic Status

A measure of an individual's or family's economic and social position relative to others, based on income, education, and occupation.

Prestige

The respect, admiration, or perceived status accorded to an individual, organization, or institution based on achievements or qualities.

Distal Factors

External, indirect factors that can influence outcomes or behaviors over time, often contrasted with more immediate, proximal factors.

Proximal Factors

Influences or variables that have a direct and immediate impact on an outcome, as opposed to distal factors which exert effects indirectly or over a longer period.