Consumer Surplus Is

question 378

Multiple Choice

Consumer surplus is

• A) the total difference between the total amount that consumers actually pay for an item and the total amount that they would have been willing to pay.
• B) the total difference between the total costs firms incur in producing an item and the utility consumers derive from purchasing the item.
• C) the total difference between the total amount that consumers would have been willing to pay for an item and the total amount that they actually pay.
• D) the total difference between the utility consumers derive from purchasing an item and the total costs firms incur in producing the item.

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Definitions:

Skinner

B.F. Skinner, an American psychologist known for his work in behaviorism and the development of the operant conditioning theory.

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A psychologist who specializes in the analysis and interpretation of human behavior through learning theories and behavioral conditioning.

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A medical professional authorized to practice medicine, diagnose and treat disease, injury, and other physical and mental impairments.