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Chapter 3: Q.49 (page 79)

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

Short Answer

Expert verified

When a consumer receives a "good deal" on goods, economists refer to it as "consumer surplus."

Step by step solution

01

Definition

Economic Terms:

Economists frequently use specific jargon to describe everyday events. A cost-benefit analysis will be performed by an economist, but a customer in a store may simply declare, "I can't afford it." Even the shopper would be referred to as a "consumer" rather than a "shopper."

02

Explanation

When a consumer receives a "good deal" on goods, economists refer to it as "consumer surplus." Because the price consumers actually pay is lower than the price they are willing to pay, consumer surplus occurs.

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Most popular questions from this chapter

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