GK
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
Consumers are typically most willing to pay more for goods and services that bring them greater
|
|
opportunity costs.
|
|
|
satisfaction.
|
|
|
popularity.
|
|
|
trade-offs.
|
Explanation:
Detailed explanation-1: -Consumer surplus is the difference between willingness to pay for a good and the price that consumers actually pay for it. Each price along a demand curve also represents a consumer’s marginal benefit of each unit of consumption.
Detailed explanation-2: -Consumer surplus is the difference between the highest price a consumer is willing to pay and the actual price they do pay for the good, or the market price.
There is 1 question to complete.