Multiple Choice
Select the correct answer. In the context of consumer surplus and willingness to pay, which of the following best describes consumer surplus?
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5. Consumer and Producer Surplus; Price Ceilings and Floors
Consumer Surplus and Willingness to Pay
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which of the following is most likely a complementary good for a smartphone?
A
Smartwatch
B
Laptop
C
Tablet
D
Smartphone case
Verified step by step guidance1
Understand the concept of complementary goods: these are products that are typically used together, so the demand for one increases the demand for the other.
Analyze each option in relation to a smartphone to see if they are used together or independently.
Consider a smartwatch: it can be paired with a smartphone to enhance functionality, indicating a complementary relationship.
Consider a laptop and a tablet: while they can be used alongside a smartphone, they are generally substitutes or independent devices rather than direct complements.
Consider a smartphone case: it is specifically designed to protect a smartphone, so its demand directly depends on the demand for smartphones, making it a classic example of a complementary good.
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