Consumers' total benefit from consuming a good is equal to the
A) total amount spent on the good.
B) consumer surplus on the quantity purchased.
C) consumer surplus plus the total amount spent on the good.
D) consumer surplus minus the total amount spent on the good.
E) total amount spent on the good divided by the number of units purchased.
C
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If velocity does not change and if real GDP and the quantity of money grow at the same rate, then the price level
A) does not change and the inflation rate is zero. B) falls and the inflation rate is negative. C) rises and the inflation rate is negative. D) falls and the inflation rate is positive. E) rises and the inflation rate is positive.
Most recently, the GATT agreement has replaced the WTO as the main institution promoting international trade
Indicate whether the statement is true or false
Perfectly competitive markets have absolutely no drawbacks.
Answer the following statement true (T) or false (F)
The total annual market value of a nation's final output of goods and services computed at existing prices is called:
A. real GDP. B. aggregate income. C. nominal GDP. D. net national product.