Chap 7 Flashcards

1
Q

Consumer Surplus falls to

A

the left of the demand curve

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2
Q

Producer surplus falls to

A

the the left of the supply curve

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3
Q

Producers want to be

A

low cost

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4
Q

Consumers set the

A

price

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5
Q

Willingness to pay

A

the maximum amount that a buyer will pay for a good

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6
Q

Consumer surplus equals

A

a buyers willingness to pay minus the amount the buyer actually pays

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