Consumerism can be described as which of the following?

• A. The total benefit received by consumers from participating in a market.
• B. The difference between what a consumer is willing to pay and what they actually pay for a good.
• C. The maximum price a producer is willing to accept for a good or service.
• D. The social and economic ideology that encourages the acquisition of goods and services in ever-increasing amounts.

Answer: (D)

Verified step by step guidance

1. Step 1: Understand the concept of consumerism. Consumerism is a social and economic ideology that encourages the acquisition of goods and services in ever-increasing amounts.
2. Step 2: Differentiate consumerism from related microeconomic concepts such as consumer surplus, which is the difference between what a consumer is willing to pay and what they actually pay.
3. Step 3: Recognize that consumer surplus represents the total benefit received by consumers from participating in a market, not consumerism itself.
4. Step 4: Identify that the maximum price a producer is willing to accept for a good or service relates to producer behavior, not consumerism.
5. Step 5: Conclude that consumerism specifically refers to the ideology promoting continuous consumption, rather than a measure of benefit or price.