Consumer surplus exists when a
A) person buys something with a marginal benefit less than what they paid.
B) person buys something with a marginal benefit exactly what they paid.
C) person buys something with a marginal benefit more than what they paid.
D) producer sells something for more than it is worth.
E) person buys something with a marginal cost less than what they paid.
C
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A lower price elasticity of demand coefficient occurs when:
a. many substitutes exist. b. the quantity demanded is more responsive. c. few substitutes exist. d. the market is broadly defined.
In 1996, All-Points Flashlights merged with North Star Flashlights to form a new company called Allstar Flashlights. In 1997, Allstar Flashlights merged with Bright Idea Lightbulbs to form a new company called Bright Star. Then, in 2000 . Bright Star
merged with Wendy's Kites & Stuff, a company that produces paper kites and other toys, to become BSK International. Describe the kinds of mergers that took place.
When negative externalities are present in a market, it means that:
A. social costs are less than external costs. B. private costs are less than social costs. C. private costs are less than external costs. D. external costs are equal to social costs.
A market for a product is in equilibrium when:
a. Quantity supplied equals quantity demanded b. Quantity demanded is greater than quantity supplied c. The supply curve remains fixed d. Product price equals demand