To economists, the term "consumer surplus" means: Select one: a. the difference between the price a consumer is willing to pay and the price that suppliers are willing to accept. b. the excess money consumers have left over after purchasing goods. c. the consumer's net benefit from trading. d. the difference between the price a consumer is able to pay and willing to pay.

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A: equilibrium is achieved where Qd=Qs.Thus Q*= 40 millions, P*= $40

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Q: Question 9

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A: Answer to the question is as follows;