Multiple Choice
Which of the following best explains the source of consumer surplus for a good?
A) Many consumers would be willing to pay more than the market price for the good.
B) Many consumers pay prices that are greater than the equilibrium price of the good.
C) Many consumers think the market price of the good is greater than its cost.
D) Many consumers think the price elasticity of demand for the good is unit elastic.
Correct Answer:
Verified
Correct Answer:
Verified
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