Consumer surplus is by Prof. Frank Levy @Harvard Medical Microeconomics

Question 13 / 43: Consumer surplus is:

A the area above the market price but below the demand curve.

B a measure of the net welfare buying a particular good gives to consumers.

C the difference between the dollar amounts people would willingly pay for specific quantities
of goods and the amounts they pay at market prices.

D less for goods that are luxuries than for necessities.

E all of the above.

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Microeconomics Practice MCQ

Author:

Prof.Frank LevyLecturer

Harvard Medical School

USA

Access: Public Instant Grading

Attribution: Levy, Frank. 11.203 Microeconomics, Fall 2010. (MIT OpenCourseWare: Massachusetts Institute of Technology), http://ocw.mit.edu/courses/urban-studies-and-planning/11-203-microeconomics-fall-2010 (Accessed 13 Mar, 2014). License: Creative Commons BY-NC-SA

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