Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Discover in-depth answers to your questions from a wide network of professionals on our user-friendly Q&A platform.
Sagot :
The current price in the market for milk is $2.00 if the government imposed a price floor of $4.00 in this market total surplus would increase.
What is total surplus?
- A market's overall surplus serves as a gauge for the general well-being of all members. Combined consumer and producer surplus make up this amount.
- Consumer surplus is the gap between what customers are prepared to pay and what they actually pay for a good. Consumer advantages are quantified economically as consumer surplus.
- The economic concept of marginal utility, which is the additional enjoyment a customer receives from purchasing one more unit of an item or service, serves as the foundation for consumer surplus.
When customers pay less for a good or service than they are willing to, this is known as a consumer surplus. It measures the extra benefit that consumers get from paying less for something than they would have been prepared to.
Know more about total surplus with the help of the given link:
https://brainly.com/question/15878630
#SPJ4
Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.
