Which of the following are true statements? a. The difference between how much a consumer is willing
Question:
Which of the following are true statements?
a. The difference between how much a consumer is willing and able to pay and how much a consumer has to pay for a unit of a good is called consumer surplus.
b. An increase in supply will lead to a lower price and an increase in consumer surplus; a decrease in supply will lead to a higher price and a decrease in consumer surplus.
c. Both the difference between how much a consumer is willing and able to pay and how much a consumer has to pay for a unit of a good is called consumer surplus and an increase in supply will lead to a lower price and an increase in consumer surplus; a decrease in supply will lead to a higher price and a decrease in consumer surplus are true.
d. None of these is true.
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