If a Consumer Is Willing and Able to Pay $20

question 83

Multiple Choice

If a consumer is willing and able to pay $20 for a particular good and if he pays $16 for the good,then for that consumer,consumer surplus amounts to

• A)$4.
• B)$16.
• C)$20.
• D)$36.

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Definitions:

Bank Reconciliation

The process of comparing and matching figures from the accounting records against those presented on a bank statement to ensure consistency and accuracy in financial records.

Journal Entries

The method by which financial transactions are recorded in a company's accounting records, noting the accounts affected and the amounts involved.

Debit Cash

An accounting entry that increases the cash balance in the company's ledger.

Checklist

A comprehensive list of items or tasks that need to be completed, often used for verification, inspection, or procedural purposes.