The excess benefit derived from the purchase of goods over the amount paid for them...
ECONOMICS
JAMB 2008
The excess benefit derived from the purchase of goods over the amount paid for them is referred to as consumer
- A. rationality
- B. surplus
- C. sovereignty
- D. credit
Correct Answer: B. surplus
Explanation
Surplus in economics refers to the difference between price consumers pay and what they would be willing to pay.
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