Which of the Following Statements Best Describes the Concept of Consumer

question 179

Multiple Choice

Which of the following statements best describes the concept of consumer surplus?

• A)"Safeway was having a sale on Dreyer's ice cream so I bought 3 quarts."
• B)"I was all ready to pay $300 for a new leather jacket that I had seen in Macy's but I ended up paying only $180 for the same jacket."
• C)"I paid $130 for a printer last week. This week the same store is selling the same printer for $110."
• D)"I sold my Blu-ray copy of Ben-Hur for $18 at a garage sale even though I was willing to sell it for $10."

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Definitions:

Social Security Taxes

Taxes imposed by governments to fund social security programs, typically deducted from employee earnings and matched by employers.

Medicare Taxes

Taxes deducted from employees' paychecks and also paid by employers to fund the Medicare program.

Unemployment Compensation

Unemployment compensation is financial support provided by the government to unemployed workers who meet certain eligibility criteria.

Social Security Tax

A payroll tax that funds the Social Security program, which provides benefits for retirees, the disabled, and children of deceased workers.