Consumer surplus is the
a. amount of a good consumers get without paying anything.
b. amount a consumer pays minus the amount the consumer is willing to pay.
c. amount a consumer is willing to pay minus the amount the consumer actually pays.
d. value of a good to a consumer.
c
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A question on an economics exam asks: What happens in the market for margarine when income rises? Allison, an excellent student, shows the demand for margarine decreasing. Is she necessarily wrong? Why or why not?
A common criticism of welfare programs is that they
a. create self-reliant individuals. b. encourage strong family values. c. encourage illegitimate births. d. have increasing benefits over time, in real terms.
Although the possibility exists for an economy to experience stagflation, it has never actually happened in the United States
Indicate whether the statement is true or false
Trade is based on
A. absolute advantage. B. comparative advantage. C. production costs. D. relative dollar prices.