If a consumer places a value of $12 on a particular good and if the price of the good is $15, then the Select one: a.consumer does not purchase the good. b.market is not a competitive market. c.price of the good will fall due to market forces. d.consumer has consumer surplus of $2 if he or she buys the good.

If a consumer places a value of $12 on a particular good and if the price of the good is $15, then the Select one: a.consumer does not purchase the good. b.market is not a competitive market. c.price of the good will fall due to market forces. d.consumer has consumer surplus of $2 if he or she buys the good.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 4PA

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