Consumer surplus from a given purchase is the difference between what one was willing to pay for that purchase and what was actually paid

What will be an ideal response?

True. This is the definition of consumer surplus.

Economics

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Which statement CORRRECTLY describes "structural unemployment"?

A) Structural unemployment occurs mainly during recessions. B) Structural unemployment is also called "frictional unemployment." C) Structural unemployment occurs even when the economy is at the natural unemployment rate. D) The amount of structural unemployment depends on normal labor turnover.

Economics

Using the above figure, during which of the following periods does the price of crude oil shows an upward trend?

A) May to November B) May to July and October to December C) July to October D) April to November

Economics