Which of the following statements is correct? A) An increase in price decreases consumer surplus. B) The consumer surplus from a good is always larger than the total benefit from the good. C) An increase in price has no effect on consumer surplus. D) Consumer surplus equals the price paid for a good.

Which of the following statements is correct? A) An increase in price decreases consumer surplus. B) The consumer surplus from a good is always larger than the total benefit from the good. C) An increase in price has no effect on consumer surplus. D) Consumer surplus equals the price paid for a good.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 1P

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