The Difference Between the Amount a Consumer Is Willing to Pay

question 86

Multiple Choice

The difference between the amount a consumer is willing to pay and the amount they actually must pay for a good is called the:

• A)​price elasticity of demand.
• B)​substitution effect.
• C)​consumer surplus.
• D)​income elasticity of demand.

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Definitions:

Alternative Behaviors

Different actions or reactions that can be chosen or adopted in response to a given situation or condition.

Desired Outcome

The specific, intended result or effect of an action, intervention, or process, often set as a goal or objective.

Cephalin

A class of phospholipids found in animal and plant tissues, important for the building of cell membranes.

Fatty Acid

Carboxylic acids with long aliphatic chains, which can be saturated or unsaturated, and are key components of lipids in living organisms.