Surpluses / consumer behavour Flashcards
1
Q
consumer purplus
A
difference between the price that a consumer is willing to pay and the market price that they actually pay
2
Q
producer surplus
A
difference between the market price which the firms receives and the price at thwack it is prepared to supply
3
Q
which one goes on top
A
consumer surplus
4
Q
increase in demand / supply
A
increase both
5
Q
decrease in demand / supply
A
decrease both
6
Q
3 consumer behavouir
A
- habitual
- computation
- influence
7
Q
influence
A
influenced by other
8
Q
habitual
A
habit - consumer habits
9
Q
computation
A
can’t calculate the best deal
