Consumer Surplus

question 87

Multiple Choice

Consumer surplus:

• A) is the difference between the maximum prices consumers are willing to pay for a product and the lower equilibrium price.
• B) the difference between the maximum prices consumers are willing to pay for a product and the minimum prices producers are willing to accept.
• C) the difference between the minimum prices producers are willing to accept for a product and the higher equilibrium price.
• D) rises as equilibrium price rises.

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Definitions:

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