Which of the Following Best Explains the Source of Consumer

question 56

Multiple Choice

Which of the following best explains the source of consumer surplus for Good A?

• A)​Many consumers pay prices that are greater than the equilibrium price of Good A.
• B)​Many consumers would be willing to pay more than the market price for some units of Good A.
• C)​Many consumers think the market price of Good A is greater than its cost.
• D)​Many consumers of Good A place a value on it that is less than the market price.

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Definitions:

Payments

Transactions involving the transfer of money or goods from one party to another as compensation for services rendered or products purchased.

Marx

Karl Marx, a 19th-century philosopher, economist, and revolutionary socialist who developed the critical theory of Marxism, analyzing the effects of capitalism on society.

Weber

A German sociologist, economist, and political scientist known for his theory on the process of rationalization in Western society.

Society

A group of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or virtual territory, subject to the same political authority and dominant cultural expectations.