Figure 9-17 -Refer to Figure 9-17.Without Trade,total Surplus Is

question 155

Multiple Choice

Figure 9-17
-Refer to Figure 9-17.Without trade,total surplus is

• A)$600.
• B)$1,200.
• C)$1,800.
• D)$2,250.

---

Definitions:

Marginal Utility

The boost in contentment or usefulness someone achieves from consuming an additional item of a good or service.

Consumer Surplus

The variance between the price consumers intend to pay for a good or service and the price they actually incur.

Marginal Utility

The extra pleasure or benefit gained by a consumer from using one more unit of a product or service.

Total Utility

The absolute gratification obtained from the utilization of a designated complete quantity of a good or service.