Consumer surplus
a. is represented on a supply-demand graph by the area below the price and above the demand curve.
b. measures the benefit buyers receive from participating in a market.
c. is the amount a buyer pays for a good minus the amount the buyer is willing to pay for it.
d. measures the benefit sellers receive from participating in a market.
b. measures the benefit buyers receive from participating in a market.
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How might governments achieve an efficient provision of education?
What will be an ideal response?
During the financial crisis, which type of risk was the biggest problem faced by investment banks?
A) interest-rate risk B) currency risk C) hedging risk D) credit risk
Which of the following is binding?
a. QD
b. QS
c. WE
d. WMIN
If a good is available only to those who pay for it, the good is:
A. excludable but not necessarily rival. B. excludable and rival. C. rival but not necessarily excludable. D. nonrival and nonexcludable.