Title: In Figure 6.1, the price of the good is $20 and the shaded area represents:
Post by: regina nana on Jul 20, 2019
In Figure 6.1, the price of the good is $20 and the shaded area represents:
▸ consumer surplus.
▸ a price ceiling.
▸ producer surplus.
▸ market equilibrium.
Title: In Figure 6.1, the price of the good is $20 and the shaded area represents:
Post by: Lori734 on Jul 20, 2019
consumer surplus.
Title: In Figure 6.1, the consumer surplus is equal to:
Post by: rsbains on Jul 20, 2019
In Figure 6.1, the consumer surplus is equal to:
▸ $400.
▸ $300.
▸ $200.
▸ $100.
Title: In Figure 6.1, the consumer surplus is equal to:
Post by: Andreasnlnvld on Jul 20, 2019
$100.
Title: In Figure 6.1, the consumer surplus is equal to:
Post by: rsbains on Jul 20, 2019
TY
Title: In Figure 6.1, the consumer surplus is equal to:
Post by: Andreasnlnvld on Jul 20, 2019
Welcome :)
Title: If the good in Figure 6.1 were free:
Post by: asjstr on Jul 20, 2019
If the good in Figure 6.1 were free:
▸ consumer surplus would equal $450 and consumer expenditure would be $0.
▸ consumer surplus and consumer expenditure would both be zero.
▸ consumer surplus and consumer expenditure would both be maximized.
▸ consumer surplus would be maximized but consumer expenditure would be impossible to calculate.
Title: If the good in Figure 6.1 were free:
Post by: n00835996 on Jul 20, 2019
consumer surplus would equal $450 and consumer expenditure would be $0.