By definition, a consumer's surplus occurs when ________
A) there are more buyers for a product than units of the product available for sale
B) there are more units of a product available for sale than buyers of the product
C) consumers purchase a product at a price greater than the utility of the product
D) consumers purchase a product at a price less than the utility of the product
E) consumers assign a lower utility to a product than marketers had expected
D
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Focus groups are small groups of people brought together and guided by a moderator through an unstructured, spontaneous discussion for the purpose of gaining information relevant to the research problem
Indicate whether the statement is true or false
Chen Stevenson died at the age of 85 leaving behind all his property to Phillip Miller, his butler. The news of the new will that Chen executed three months before his death naming Phillip as the sole beneficiary surprised everyone
By his prior will, he had bequeathed his estate to his two daughters and three grandchildren on a per capita basis. The court took up proceedings to determine the validity of his new will because Chen's rejection of his daughters and grandchildren in his will was uncharacteristic of him. The court most likely suspected this change to be a case of ________. A) constructive trust B) undue hardship C) undue influence D) spendthrift trust