Author Question: Consumer surplus is: a. the area underneath the demand curve. b. the total utility derived from ... (Read 67 times)

dalyningkenk · **on:** Jun 30, 2018

Consumer surplus is:
a. the area underneath the demand curve.
b. the total utility derived from consuming a good.
c. the marginal utility of the last unit consumed multiplied by the number of units consumed.
d. the difference between what consumers are willing to pay and what they are required to pay for a good.

Question 2

When the economy is far below the natural rate of real output, efforts to change inflation with monetary policy will be ____ successful and efforts to stimulate the economy will be ____ successful.
a. More; less
b. More; more
c. Less; less
d. Less; more