Consumer's Surplus

question 21

Multiple Choice

Consumer's surplus

• A)is the gap between total willingness to pay and the total market value of a good.
• B)guarantees that the market value of a good in money is equal to the total economic value of the good.
• C)is always negative because of diminishing marginal utility.
• D)is the total area under a consumer's demand curve.

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Definitions:

Gender

A social construct that encompasses the roles, behaviors, activities, and attributes that a given society considers appropriate for men, women, and non-binary individuals.

Racialized

The process by which societies construct races as different and inherently inferior or superior to others, leading to discrimination and social disparities.

Growing Food

The practice of cultivating vegetables, fruits, grains, and other edible plants for the purpose of consumption.

Justice For All

A principle aiming for fair treatment and equitable opportunities and outcomes for every individual, irrespective of their background.