Reading 14: Efficiency and Equity LOS b习题精选 div, difference, quantity, between

honeycfa

LOS b: Distinguish between the price and the value of a product and explain the demand curve and consumer surplus.

Consumer surplus is best described as the:

A) difference between the quantity of a good a consumer purchases and the quantity the consumer is willing to purchase.

B) difference between the value a consumer places on a good or service and the amount the consumer has to pay to acquire it.

C) amount by which the consumer’s marginal benefit curve lies above a good’s marginal cost.

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Consumer surplus is the sum of the differences between what a consumer is willing to pay for each unit of a good or service and what that consumer actually pays for each unit.

 

honeycfa

Consumer surplus is most accurately defined as the difference between the:

A) value consumers are willing to pay for an additional unit of good or service and the cost of producing the additional unit of the good or service.

B) total value consumers place on the quantity of a good purchased, and the total amount they must pay for that quantity.

C) price that a consumer must pay for an additional unit of a good or service and the cost of producing the additional unit of the good or service.

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For an individual, consumer surplus is defined as the sum of the differences between what that individual is willing to pay for each individual unit of a good or service that he or she purchases (marginal benefit) and the amount that he or she actually pays for each of these individual units.