If a Consumer Is Willing and Able to Pay $20

question 83

Multiple Choice

If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good,then for that consumer,consumer surplus amounts to

• A)$4.
• B)$16.
• C)$20.
• D)$36.

---

Definitions:

Cultural Similarities

Shared beliefs, values, norms, and practices among people from the same or similar cultures.

Cultural Differences

Variations in customs, behaviors, and values between different societies or groups, affecting communication and interaction.

Universal Consumer Needs

Fundamental and common requirements or desires shared by consumers across different cultures and demographics, such as safety, value, and convenience.

Cultural Similarities

Aspects or elements shared between different cultures, including values, beliefs, practices, or language, which can facilitate understanding and interaction.