If Stephanie Buys a Laptop for $700 and the Maximum

question 52

Multiple Choice

If Stephanie buys a laptop for $700 and the maximum she would have paid was $1,000, which of the following is true?

• A)​Stephanie received consumer surplus of $1,000.
• B)​Stephanie received producer surplus of $700.
• C)​Stephanie received a consumer surplus of $700.
• D)​Stephanie received a consumer surplus of $300.

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Definitions:

Worker Fatigue

The physical and mental weariness resulting from prolonged work or excessive stress.

Mass Production

The large-scale manufacturing of goods using standardized designs and assembly-line techniques to achieve economies of scale.

Lean Production

A systematic method for waste minimization within a manufacturing system without sacrificing productivity.

Continuous Process Improvement

An ongoing effort to improve products, services, or processes by making incremental changes or implementing major overhauls to improve efficiency and quality.