Asked by
Fahina Fonua
on Nov 17, 2024
Verified
All else equal, an increase in demand will always increase consumer surplus.
Consumer Surplus
The rift between the financial input consumers are willing to make for acquiring a good or service and the actual amount they spend.
Demand
Represents the quantity of a good or service that consumers are willing and able to purchase at various prices over a given period.
- Discern the impact of shifts in supply and demand within the market on consumer surplus.
Verified Answer
SY
Learning Objectives
- Discern the impact of shifts in supply and demand within the market on consumer surplus.