Consumer surplus Select one: a. is the amount of a good that a consumer can buy at a price below equilibrium price. b. is the am
ount a consumer is willing to pay minus the amount the consumer actually pays. c. is the number of consumers who are excluded from a market because of scarcity. d. measures how much a seller values a good.
1 answer:
Answer:
b. is the amount a consumer is willing to pay minus the amount the consumer actually pays.
Explanation:
Consumer surplus = willingness to pay less price of the good.
Let assume a student is willing to pay $30 for a book and the price of the book is $15. The student's consumer surplus is $30 - $15 = $15
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Answer:
A. The demand for Blu-ray players would increase and the equilibrium price of Blu-ray players would increase.
Explanation:
Complement goods are goods that are demanded together. An increase in demand for one good would lead to an increase in demand for the other good.
If the price of LCDs falls, the quantity demanded would increase. This would lead to an increase in demand for the players too. The increase in demand for the players leads to a rise in price of the players.
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