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Economics (AS & A Level) · Oct / Nov 2022 · Paper 13 · Question 6

9708Consumer and producer surplus

Consumer surplus exists in the market for rice. What does this mean?

  1. AConsumers benefit from rice production more than producers.
  2. BConsumer demand for rice exceeds supply.
  3. CSome consumers would be willing to pay more than the market price for rice.
  4. DThe production of rice exceeds the supply.

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Correct answer: C. Some consumers would be willing to pay more than the market price for rice.

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