Question : Consumer's surplus is the highest in the case of :
Option 1: Durable goods.
Option 2: Luxuries .
Option 3: Comforts .
Option 4: Neccessities .
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Correct Answer: Neccessities .
Solution : Correct Answer is Neccessities .
The market price of goods is significantly below what consumers would ultimately be willing to pay when there is a high consumer surplus. The level of consumer surplus is highest when it comes to necessities because consumers are willing to pay a very high price for something that is necessary for their survival. High levels of competition, advancements in technology, and producer effectiveness frequently lead to this.
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