Consumer Surplus Is Defined as

question 59

Multiple Choice

Consumer surplus is defined as

• A)the value that the consumer places on a good over the amount they pay for it.
• B)the money that the producer gets from a good over the amount they are willing to sell it for.
• C)when quantity supplied is greater than quantity demanded.
• D)when quantity demanded is greater than quantity supplied.

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Definitions:

Utilitarianism

Utilitarianism is an ethical theory that proposes that the best action is the one that maximizes utility, usually defined as that which produces the greatest well-being of the greatest number of people.

Deontological Theory

A moral philosophy that emphasizes the importance of adherence to a set of duties or rules, suggesting that the morality of an action is primarily determined by its adherence to these rules, rather than by its consequences.

Kantianism

Kantianism is a philosophical doctrine based on the works of Immanuel Kant, emphasizing the principles of universal morality, duty, and the importance of intention behind actions.

Rights Theory

A framework in ethics and philosophy that holds certain rights as fundamentally important to human beings, which must be respected and protected.