Multiple Choice
What is meant by consumer surplus?
A) It is the net gain that buyers obtain from purchasing a good.
B) It is the area enclosed by the demand and supply curves.
C) It is the difference between the good's price and its cost per unit.
D) It is the maximum monetary amount that a person would be willing to pay for a good.
E) It is the total satisfaction from the consumption of a good.
Correct Answer:
Verified
Correct Answer:
Verified
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