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      Question

      Consumer surplus is highest in the case of

      ________.
      A Durable goods Correct Answer Incorrect Answer
      B Luxuries Correct Answer Incorrect Answer
      C Comforts Correct Answer Incorrect Answer
      D Necessities Correct Answer Incorrect Answer

      Solution

      Consumer surplus, the difference between what consumers are willing to pay and what they actually pay, is highest for necessities, as these goods have a high perceived value.

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