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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

Consumer Surplus

Step by step solution

01

Step 1

Economic Terms

Economists often use specific language to determine everyday events which are usually known as Economic terms. A person in a store might simply say "I can't afford it" , while an economist will do a "Cost benefit analysis".

02

Step 2

Economists can use a term "Consumer Surplus" when a shopper gets a good deal on a product. This is because, consumer surplus occurs when the price consumer actually pays is lower than the price they are willing to pay.

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Most popular questions from this chapter

Consider the demand for hamburgers. If the price of a substitute good (for example, hot dogs) increases and the price of a complement good (for example, hamburger buns) increases, can you tell for sure what will happen to the demand for hamburgers? Why or why not? Illustrate your answer with a graph.

Use the four-step process to analyze the impact of the advent of the iPod (or other portable digital music players) on the equilibrium price and quantity of the Sony Walkman (or other portable audio cassette players).

How do you suppose the demographics of an aging population of “Baby Boomers” in the United States will affect the demand for milk? Justify your answer.

What is deadweight loss?

If the price is above the equilibrium level, would you predict a surplus or a shortage? If the price is below the equilibrium level, would you predict a surplus or a shortage? Why?
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