Question

Blank______ is a phrase that refers to any formula used to calculate the cost of acquiring a new customer or replacing a current one as a result of having a dissatisfied customer leave an organization.

Answer 1

An economist would use the term 'consumer surplus' to describe what happens when a shopper gets a 'good deal' on a product.

Step-by-step explanation:

The term that an economist would use to describe what happens when a shopper gets a 'good deal' on a product is consumer surplus. Consumer surplus is the difference between the price that a consumer is willing to pay for a product and the actual price they pay. It represents the value that the consumer gains from the transaction.

For example, if a shopper is willing to pay $50 for a product but can purchase it for $30, they would experience a consumer surplus of $20. This means they are getting $20 worth of value beyond what they paid for.

Consumer surplus is an important concept in economics as it demonstrates the benefits that consumers receive from market transactions and can contribute to overall economic welfare.