Consumer's Surplus Is a Measure of How Much

question 1

Multiple Choice

Consumer's surplus is a measure of how much

• A)less than his income a consumer spends on goods.
• B)more utility a consumer receives from his purchases than he has to pay for them.
• C)a consumer's marginal utility differs from his total utility.
• D)a change in price induces a consumer to substitute other goods.

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Definitions:

Cultural Psychologist

A psychologist who studies how cultural traditions and social practices influence human behavior, thoughts, and emotions.

Cognitive Errors

Mistakes in reasoning, evaluating, remembering, or other cognitive processes, often occurring due to holding onto personal biases or irrational beliefs.

Positive Psychology

A branch of psychology that focuses on studying and promoting well-being and happiness.

Human Behaviour

The range of actions and mannerisms exhibited by humans in conjunction with their environment, influenced by culture, attitudes, emotions, and genetics.