Consumer surplus equals the: A. value to buyers plus the amount paid by buyers B. value to buyers less the amount paid by buyers C. amount received by sellers less the costs of sellers D. amount received by sellers plus the costs of sellers
Question
Consumer surplus equals the: A. value to buyers plus the amount paid by buyers B. value to buyers less the amount paid by buyers C. amount received by sellers less the costs of sellers D. amount received by sellers plus the costs of sellers
Solution
Consumer surplus equals the value to buyers less the amount paid by buyers. So, the correct answer is B. "value to buyers less the amount paid by buyers".
Similar Questions
Another way to describe consumer surplus is
Total surplus in the market is equal to:1 pointthe number of producers.the number of consumers.the sum of consumer surplus and producer surplus.the difference between consumer surplus and producer surplus.
Consumer surplus is represented by the area:below the market price and below the demand curve.above the market price and above the demand curve.below the market price and above the demand curve.above the market price and below the demand curve.
Consumer surplus is the area the demand curve and the price.
Which statement is true? Group of answer choicesConsumer surplus is the benefit a consumer receives from consuming a product, net of the price they have to pay for it.Consumer surplus is the area underneath the demand curve above the price line.Consumer surplus is the area underneath the price line above the demand curve.a and b.None of the above.
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