New RBI Grade B 2025 Notification will come Soon! Enroll Here

    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.

    Practice Next

    Relevant for Exams: