Consumer Surplus Measures

question 36

Multiple Choice

Consumer surplus measures

• A)marginal utility.
• B)total utility.
• C)the cumulative difference between real and nominal prices.
• D)the cumulative difference between price and maximum willingness to pay.

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Definitions:

Valid

Describes an argument or inference such that the truth of the premises entails or implies that conclusion must be true; in other words, it is impossible for the conclusion to be false if all of the premises are true.

Truth Table

A mathematical table used in logic, specifically in Boolean algebra, to compute the truth values of logical expressions based on their operators.

Negation

A grammatically correct construction used to assert that a statement is false.

Disjunction

A grammatically correct construction used to assert that one or both of two statements are true.