Author Question: Consumers derive consumer surplus whenever a. the monetary value of total utility equals total ... (Read 54 times)

jc611 · **on:** Jul 1, 2018

Consumers derive consumer surplus whenever
a. the monetary value of total utility equals total expenditure
b. the monetary value of total utility is greater than total expenditure
c. the monetary value of total utility is less than total expenditure
d. marginal utility is greater than total utility
e. marginal utility is less than total utility

Question 2

The difference between the maximum amount a person is willing to pay for a given quantity of a good and the amount actually paid for that quantity is called
a. producer surplus
b. the substitution effect
c. price discrimination
d. the income effect
e. consumer surplus