/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q.49 What term would an economist use... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 3: Q.49 (page 79)

What term would an economist use to describe what happens when a shopper gets a 鈥済ood deal鈥� on a product?

Short Answer

Expert verified

When a consumer receives a "good deal" on goods, economists refer to it as "consumer surplus."

Step by step solution

01

Definition

Economic Terms:

Economists frequently use specific jargon to describe everyday events. A cost-benefit analysis will be performed by an economist, but a customer in a store may simply declare, "I can't afford it." Even the shopper would be referred to as a "consumer" rather than a "shopper."

02

Explanation

When a consumer receives a "good deal" on goods, economists refer to it as "consumer surplus." Because the price consumers actually pay is lower than the price they are willing to pay, consumer surplus occurs.

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

How does one analyze a market where both

demand and supply shift?

What determines the level of prices in a market?

Does a price ceiling attempt to make a price higher or lower?

When analyzing a market, how do economists deal with the problem that many factors that affect the market

are changing at the same time?

Explain why voluntary transactions improve social welfare.
See all solutions

Recommended explanations on Economics Textbooks

Taxation Economics

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.