Consumer Surplus

question 97

Multiple Choice

Consumer surplus

• A)is the amount of a good that a consumer can buy at a price below equilibrium price.
• B)is the amount a consumer is willing to pay minus the amount the consumer actually pays.
• C)is the number of consumers who are excluded from a market because of scarcity.
• D)measures how much a seller values a good.

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Definitions:

Products

The substances that result from a chemical reaction.

Reactants

Materials that exist at the beginning of a chemical reaction and are used up to produce end products.

Equilibrium Expression

A mathematical expression that relates the concentrations of the reactants and products at equilibrium in a reversible chemical reaction.

Reaction

A process in which one or more substances are changed into one or more different substances through the reorganization of atomic bonds.