Consumer Surplus

question 43

Multiple Choice

Consumer surplus

• A)is closely related to the supply curve for a product.
• B)is represented by a rectangle on a supply-demand graph when the demand curve is a straight,downward-sloping line.
• C)is measured using the demand curve for a product.
• D)does not reflect economic well-being in most markets.

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Definitions:

Inoculation

A psychological technique designed to build resilience against persuasive arguments by exposing individuals to weakened versions of those arguments.

Elaboration Likelihood

A theory in social psychology that explains different ways of processing stimuli, why they are used, and their outcomes on attitude change.

Heuristic-Systematic

A model describing two distinct ways people process information: through heuristic cues or systematic analysis.

Boomerang

A curved piece of wood or other material that, when thrown, returns to the thrower. Metaphorically, it can imply actions that backfire on the initiator.