The value that consumers get (from consuming a product) over and above what they actually paid for the product is called
A. consumer utility.
B. consumption expenditures.
C. consumer surplus.
D. consumer demand.
Influence of Competition in Prices:
Competition, in economics, is the set of actions taken by sellers to obtain the greatest market share by providing a better quality product, reducing prices, or optimizing the product's value proposition. Competition is beneficial for consumers since prices tend to decrease.
Answer and Explanation: 1
- The correct answer is C. consumer surplus.
In economics, the term known as consumer surplus is used to define the difference between the benefits of...
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fromChapter 7 / Lesson 6
Learn the consumer surplus definition and see how it is determined by the people purchasing the product. Study consumer surplus examples using its formula.