Question

What term would an economist use to describe what happens when a shopper gets a good deal on a product?

a) Market equilibrium
b) Consumer surplus
c) Price floor
d) Elasticity

Answer 1

An economist would use the term Consumer Surplus to describe what happens when a shopper gets a "good deal" on a product. when they are able to purchase a product at a price lower than what they are willing to pay. It is the difference between the price that the consumer actually pays and the highest price they were willing to pay.

Step-by-step explanation:

An economist would use the term Consumer Surplus to describe what happens when a shopper gets a "good deal" on a product. Consumer surplus refers to the extra satisfaction or benefit that a consumer receives when they are able to purchase a product at a price lower than what they are willing to pay. It is the difference between the price that the consumer actually pays and the highest price they were willing to pay.

economist would use the term Consumer Surplus to describe what happens when a shopper gets a "good deal" on a product. when they are able to purchase a product at a price lower than what they are willing to pay. It is the difference between the price that the consumer actually pays and the highest price they were willing to pay.