The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as:​

A) ​market surplus.
B) market shortage.
C) consumer surplus.
D) ​producer surplus.

Refer to Exhibit 16-6.The estimated total compensation cost will be

A) $ 55, 000
B) $ 82, 500
C) $ 27, 500
D) $165, 000

At any quantity, the price given by the supply curve shows the cost of the lowest-cost seller.

In the context of Maslow's hierarchy of human needs, the need for ________ is the most complex need.

A) fulfillment
B) respect
C) survival
D) security

In a C.O.D.shipment,the buyer receives non-conforming goods.The buyer must first accept and pay for the goods,and then make a claim against the seller.

Which of the following characterizes the effect of incapacity caused by mental impairment?

A) A person formerly incapacitated by mental impairment cannot ratify a contract if he/she regains his capacity.
B) If a contract is found to be voidable on the ground of mental impairment,the person who lacked capacity at the time the contract was made has the right to disaffirm the contract.
C) If a court has found a person mentally incompetent after holding a hearing on his mental capacity and has appointed a guardian for him,the contract is considered voidable.
D) The contracts of people who are suffering from a mental defect at the time of contracting are usually considered to be void.