Which of the following describes consumer surplus?
O Consumer surplus is equal to the minimum amount a consumer is willing to pay for a good, minus what the consumer has to pay for the good
O Consumer surplus is equal to the amount received from selling a good minus the minimum amount the seller needed to receive, in order to be willing to sell the good
O Consumer surplus is equal to the maximum amount a consumer is willing to pay for a good, minus what the consumer has to pay for the good
O None of the statements are true
Total utility
O diminished as the quantity of a good increases
O increases as long as more goods are acquired
O increases as long as marginal utility increases
O increases as long as marginal utility is positive diminishes as consumption of some good rises
