Chap 7 Flashcards
1
Q
Consumer Surplus falls to
A
the left of the demand curve
2
Q
Producer surplus falls to
A
the the left of the supply curve
3
Q
Producers want to be
A
low cost
4
Q
Consumers set the
A
price
5
Q
Willingness to pay
A
the maximum amount that a buyer will pay for a good
6
Q
Consumer surplus equals
A
a buyers willingness to pay minus the amount the buyer actually pays