Consumer surplus is:
A. the amount of purchasing power a consumer receives when the price of a good falls.
B. the amount of money that exactly compensates a consumer for a change in circumstances.
C. the net benefit a consumer receives from participating in the market for some good.
D. negative whenever the price of a good increases.
C. the net benefit a consumer receives from participating in the market for some good.
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The real costs of inflation to society include:
A. an increase in the general level of prices. B. higher relative prices. C. lost purchasing power of income. D. interference with long-term planning.
Complaints about predatory pricing usually originate with
A) competitors. B) consumers. C) economists. D) government regulators. E) suppliers.
What is the timeline for the U.S. federal budget each year? When does a fiscal year begin and end?
What will be an ideal response?
What are the benefits of intergovernmental competition? Do those benefits disappear if the mobility of individuals in the society is limited? Why or why not?
What will be an ideal response?