The Difference Between the Maximum Amount a Person Is Willing

question 168

Multiple Choice

The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is known as _____

• A)producer surplus.
• B)the substitution effect.
• C)price discrimination.
• D)the income effect.
• E)consumer surplus.

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Definitions:

Spiral Cleavage

A type of embryonic development in some molluscs and annelids where cells divide in a spiral pattern.

Anterior End

The front part or head end of an organism, usually where sensory organs are concentrated.

Head End

The anterior or front part of an organism, often containing the brain and sensory organs.

Common Ancestor

A hypothetical or actual species from which two or more descendant species evolved.