JAMB Economics 2008 Objective — Question 13

Question 13 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2008 Objective paper, with the correct answer and a full explanation.

The excess benefit derived from the purchase of goods over the amount paid for them is referred to as

A. rationality
B. surplusCorrect
C. sovereignty
D. credit

Explanation

Consumers surplus is the difference between the benefit (satisfaction) and the price paid for a commodity.

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