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JAMB Economics 2008 Question 13

Question 13

Theory of Consumer Behaviour

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer

  1. A.rationality
  2. B.surplus
  3. C.sovereignty
  4. D.credit
Show the answer and explanation

Answer: B (surplus)

Explanation

Consumer surplus is the difference between what a buyer is willing to pay and what he actually pays.