The value that consumers get (from consuming a product) over and above that they actually paid for the product is called:
A. Consumer utility
B. Consumption expenditures
C. Consumer surplus
D. Consumer demand
C. Consumer surplus
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The above (incomplete) table provides information about the relationships between output and various cost measures. The total cost (TC) of producing 9 units of output is
A) $180. B) $190. C) $20. D) None of the above answers is correct.
The table above shows sales of the firms in the chocolate industry. The Herfindahl-Hirschman Index in the industry is
A) 1346. B) 896. C) 1160. D) 2588.
Figure 7-9
Of the graphs in Figure 7-9, which represents average fixed cost?
A. 1 B. 2 C. 3 D. 4
Explain the suggestion that people may have their own "personal discount rate" and how that may affect decisions about borrowing and other financial matters.
What will be an ideal response?