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Marginal Analysis
easy

If a consumer is willing to pay $100 for a concert ticket but purchases it for $70, what is the consumer surplus they experience from this transaction?

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Learning Path

Question & Answer
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Choose AnswerChoose the Best Answer

A

$30

B

$100

C

$70

D

$50

Understanding the Answer

Let's break down why this is correct

Consumer surplus is the extra value a buyer gets beyond what they pay. Other options are incorrect because Some think the surplus is the amount the buyer likes; The price paid is not the surplus.

Key Concepts

Consumer Surplus
Topic

Marginal Analysis

Difficulty

easy level question

Cognitive Level

understand

Deep Dive: Marginal Analysis

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Definition
Definition

Marginal analysis involves comparing the marginal benefit and marginal cost to determine the optimal output level. It helps identify the point where marginal benefit equals marginal cost, ensuring allocative efficiency in production decisions. This concept is essential in economics to make informed choices about resource allocation.

Topic Definition

Marginal analysis involves comparing the marginal benefit and marginal cost to determine the optimal output level. It helps identify the point where marginal benefit equals marginal cost, ensuring allocative efficiency in production decisions. This concept is essential in economics to make informed choices about resource allocation.

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