Discover the answers you need at Westonci.ca, where experts provide clear and concise information on various topics. Connect with a community of experts ready to help you find accurate solutions to your questions quickly and efficiently. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.
Sagot :
Since Roy is willing to pay $2.50 for a sports drink, but since the price has increased to $2.75, his consumer surplus would be $0.
Consumer surplus is an economic measure of the benefits that consumers receive as a result of market competition. When the price that consumers pay for a product or service is less than the price that they are willing to pay, this is referred to as a consumer surplus. It is a measure of the additional benefit that consumers receive as a result of paying less than they were willing to pay for something. Consumer surplus and producer surplus can be compared.
Consumer surplus rises when the price of a good falls and falls when the price of a good rises. Economists visualize it as the triangular area under the demand curve between the market price and what consumers are willing to pay.
Learn more about consumer surplus here:
https://brainly.com/question/27856742
#SPJ4
We appreciate your time. Please come back anytime for the latest information and answers to your questions. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.
