Which of the Following Is the Definition of Consumer Surplus

question 123

Multiple Choice

Which of the following is the definition of consumer surplus?

• A)the difference between the value that consumers place on a good and the payment they make to buy the good,summed over the quantity consumed
• B)the total value that consumers place on the quantity consumed of some good
• C)the quantity consumed in excess of the allocatively efficient amount
• D)the value that consumers place on the last unit consumed of a good
• E)the marginal value that consumers place on the last unit consumed of a good

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Definitions:

Gallons

A unit of volume measurement used primarily in the United States to measure liquids.

Miles

A unit of length equal to 5,280 feet or approximately 1,609 meters, used primarily in the United States and the UK for measuring distances.

Gallon

A unit of volume for liquid measure equal to four quarts, used in both the US customary and British imperial systems.

Gasoline

A volatile, flammable liquid derived from petroleum, commonly used as fuel for engines.