Question

    The difference between value in use and value in

    exchange is:
    A Consumer surplus Correct Answer Incorrect Answer
    B Marketing surplus Correct Answer Incorrect Answer
    C Farm production Correct Answer Incorrect Answer
    D None of these Correct Answer Incorrect Answer

    Solution

    Consumer surplus, also called social surplus in economics, the difference between the price a consumer pays for an item and the price he would be willing to pay rather than do without it.

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