Consumer Surplus Exists When

question 308

Multiple Choice

Consumer surplus exists when

• A) it costs less to produce goods than buyers must pay for them.
• B) consumers value the good more highly than what they must pay to buy it.
• C) taxes on goods are less than the appropriate amount.
• D) the marginal benefit of the good is always equal to or less than the price of the good.
• E) the price of the good is greater than the marginal cost of producing a unit of the good.

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Definitions:

Normal Accidents

A concept in the sociology of large technological systems that predicts that accidents are inevitable in complex systems due to their intricacies and the interdependence of their components.

High Tech

Industries or companies involved in developing and producing advanced technology products or services.

Big Tech

Large, dominant technology companies, often cited as having considerable market power and influence over the economy, society, and politics.

Diffusion of Technology

The process by which new technologies are adopted and spread across cultures or societies.