Consumer Surplus Measures

question 38

Multiple Choice

Consumer surplus measures:

• A)​the total benefits received from consuming a given quantity of a good.
• B)​the marginal benefit received from consuming the last unit of a good.
• C)​the net benefits received by consumers after deducting the cost of purchasing a good.
• D)​the dollar amount spent on units of a particular good.

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Definitions:

Referent Power

A form of influence that one individual has over another based on the strength of their relationship or the charisma and likability of the person who holds power.

Coercive Power

The ability of a person or group to enforce compliance through threats or punishment.

Exchange Orientation

A perspective in relationships focusing on the balance of rewards and costs between the parties involved, often in the context of social or work-related interactions.

Expert Power

The influence one possesses as a result of experience, special skill, or knowledge, which others see as valuable.