Multiple Choice
Select the correct answer. In the context of consumer surplus and willingness to pay, which of the following best describes consumer surplus?
71
views
5. Consumer and Producer Surplus; Price Ceilings and Floors
Consumer Surplus and Willingness to Pay
Multiple 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.
Related Videos
Related Practice
