Which Statement About Consumer Surplus Is Correct

question 67

Multiple Choice

Which statement about consumer surplus is correct?

• A) Consumer surplus is the gross benefit to consumers from the exchange that occurs in a market.
• B) Consumer surplus is the gains from trade on the part of the consumer that result from a market transaction.
• C) Total consumer surplus is equal to the price the consumers paid multiplied by the quantity they purchased.
• D) Consumer surplus is the difference between the minimum price the consumer is willing to pay and the market price.

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Definitions:

Unscientific Thinking

Reasoning or beliefs not based on or contradicting established scientific methods and principles.

Subjective Observation

The collection of data based on personal judgments, feelings, or opinions, rather than objective measurement.

Objectivity

Is assessed by the degree of consistency between the observations of independent observers.

Sampling

A statistical method of selecting a subset of individuals or observations from a larger population to make inferences about the whole population.