Consumer Surplus Quiz

The cost consumers incur in purchasing goods or services

The amount of profit made by consumers from selling goods or services

The difference between what consumers are willing to pay and what they actually pay for a good or service (correct)

The total amount of money consumers have available to spend on goods and services

By adding the quantity supplied to the price

By finding the area of the triangle under the demand curve and above the price (correct)

By subtracting the quantity demanded from the price

By multiplying the quantity demanded by the price

It indicates higher consumer welfare when consumer surplus is larger (correct)

It indicates lower consumer welfare when consumer surplus is larger

It has no relation to consumer welfare

It indicates that consumers are overpaying for goods and services

<p>A few large firms</p> Signup and view all the answers

<p>Interdependence among firms</p> Signup and view all the answers

<p>Collusion</p> Signup and view all the answers