Question : Statement 1: The concept of consumer surplus represents the additional satisfaction gained by consuming a good.

Statement 2: Consumer surplus can be calculated by finding the difference between the total utility and the marginal utility of the last unit consumed.

Question : Statement 1: The concept of consumer surplus measures the difference between the consumer's total expenditure and the maximum amount they are willing to pay.

Statement 2: Consumer surplus can be represented graphically as the area below the demand curve and above

Question : Assertion: The concept of consumer surplus represents the difference between the price a consumer is willing to pay and the actual price they pay for a good.

Reason: Consumer surplus reflects the additional benefit or utility the consumer receives from purchasing a

Question : Statement 1: Marginal utility is the additional satisfaction derived from consuming one additional unit of a good.

Statement 2: The law of diminishing marginal utility states that as a consumer consumes more of a good, the additional satisfaction derived from each

Question : Statement 1: Consumer equilibrium can occur when the marginal rate of substitution is equal to the relative price of goods.

Statement 2: The marginal rate of substitution measures the rate at which a consumer is willing to substitute one good for another while