What is the term for a situation where an individual or firm has a higher willingness to pay for a good than the market price? A. Consumer surplus B. Producer surplus C. Deadweight loss D. Indifference curve
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- ppose the market condition for good X is characterized by an inelastic supply curve and a perfectly-elastic demand curve. Which of the following is true? It may help to draw the diagram first and then attempt the question. A- Consumer surplus is0 B-Producer surplus is higher than consumer surplus C-Consumer surplus is 0 Producer surplus and consumer surplus are equal D-Not enough information givenThe demand curve for cookies is downward sloping. When the price of cookies is $3.00, the quantity demanded is 100. If the price falls to $2.00 what happens to consumer surplus?The cookie demand curve slopes downward. When the price of cookies is $ 2, the quantity demanded is 100. If the price increases to $ 3, what happens to the consumer surplus?
- When does a producer surplus occur? a. when individuals pay less than the maximum amount they would have been willing to pay for a good or service b. when producers sell a product for the exact minimum amount they would be willing to accept c. when producers sell a product for less than the minimum amount they would be willing to accept d. when producers sell a product for more than the minimum amount they would be willing to acceptQ1: Find equlibrium price and quantity, CS, PS and social surplusIf the area above the supply curve and under the market price = producer surplus; does the area below the supply curve = cost of production? I need to figure out where this part is on the diagram. Thanks!
- The demand curve for cookies is downward-sloping. When the price of cookies is $2, the quantity demanded is 100. If the price rises to $3, what happens to consumer surplus? a. It falls by less than $100. b. It falls by more than $100. c. It rises by less than $100. d. It rises by more than $100.A. Calculate: the consumer surplus the producer surplus dead weight loss B. Which of the two options listed in the photo would be preferred by the producers? Which of the two options listed in the photo would be preferred by society as a whole?A super typhoon greatly affected the mango farms in Philippines by making the mango crops taste super sour and some were developed prematurely and were scattered on the ground making them not eligible for sale due to defects. (a) Explain what happens to the consumer surplus in the market for mangoes. (b) Explain what happens to the consumer surplus in the market for mango shake. (c) Illustrate your answers using equilibrium diagram with the consumer surplus diagram in one
- A consumer is willing to pay $300 for cricket match. The cost of the ticket is $120. What is consumer surplus ?The minimum price that producers must receive to induce them to produce another unit of a good or service is equal to the good's ___________. Question 1 options: a) marginal cost b) marginal benefit c) producer surplusa) Define complements and substitutes. b) Can you think of goods and services that make up complements and substitutes of each other? c) What is producer surplus?