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Monopoly and Social Surplus

Consumer surp...

Question

Consumer surplus is best described as ____________.

A

extra utility

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B

price paid

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C

sacrifice of a commodities

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D

all the above

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Solution

The correct option is B extra utility
Consumer surplus is extra utility earned over and above the price paid to purchase the commodity, i.e., (MU-Price).

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Similar questions

Q. As per _____, a consumer with a single commodity attains equilibrium at a point where MU = Price.

Q. Why should a consumer purchase more of a commodity when MU must decline as consumption of the commodity increases?

Q. The price of a commodity has been increased by

60 %

. By what percent must a consumer reduce the consumption of the commodity so as not to increase his expenditure on the commodity?

Q.
Quantity demanded is a specific amount of a commodity that the consumer is ready to buy against a specific price at a particular time.

Which best describes consumer surplus?

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