The difference between the maximum price a consumer is willing to pay for a product and the actual price the consumer pays is called
A. utility.
B. market failure.
C. consumer demand.
D. consumer surplus.
Answer: D
Economics
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Edward Denison found that labor's contribution to output growth in the United States since 1929 was attributable to all the factors below except
A) rising population. B) an increase in the percentage of the population in the labor force. C) an increase in the number of hours worked per person. D) higher educational levels.
Economics
Why might asymmetric information contribute to the problem of a market failure?
What will be an ideal response?
Economics