The Benefit That Consumers Get When They Buy Goods at the Equilibrium

question 118

Multiple Choice

The benefit that consumers get when they buy goods at the equilibrium price but were willing to pay more is called

• A)Marginal utility.
• B)The law of demand.
• C)Consumer surplus.
• D)Maximum price.

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Definitions:

Total Cost

The complete financial expenditure involved in the production of goods or services, including both fixed and variable costs.

Firm

A business organization, such as a corporation, partnership, or sole proprietorship, that sells goods or services to make a profit.

Producing

The act or process of creating goods or services using inputs like labor, materials, and machines.

Maximum Weekly Profit

The highest amount of financial gain a business can achieve in one week, based on its revenue and costs.