Suppose you pay $14 to see George Clooney in his next movie and that Mr. Clooney receives $40 million for appearing in it. This means that:

A.)You would be better off if you were more self-reliant in the movie market.
B.)George Clooney receives a producer surplus of $40 million.
C.)You receive a consumer surplus of $14.
D.)You and George Clooney benefit from this transaction.

Question

11-02-2022
Business

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Suppose you pay $14 to see George Clooney in his next movie and that Mr. Clooney receives $40 million for appearing in it. This means that:

A.)You would be better off if you were more self-reliant in the movie market.
B.)George Clooney receives a producer surplus of $40 million.
C.)You receive a consumer surplus of $14.
D.)You and George Clooney benefit from this transaction.

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topeadeniran2 topeadeniran2 · Answer 1 · 2022-02-21T13:04:22+01:00

It can be depicted that you and George Clooney benefit from this transaction since utility is derived.

What is utility?

Utility refers to the usefulness or enjoyment that a consumer can get from a good or service.

In this case, if one pays $14 to see George Clooney in his next movie and that Mr. Clooney receives $40 million for appearing in it, the p[erson and George Clooney benefit from this transaction.

Learn more about utility on:

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