What happens to the total amount of consumer surplus in a market if the cost of production rises? the total amount of consumer surplus:

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07-09-2022
Business

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What happens to the total amount of consumer surplus in a market if the cost of production rises? the total amount of consumer surplus:

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QWCobalt QWCobalt · Answer 1 · 2022-09-11T10:57:11-04:00

The total amount of consumer surplus in a market decrease if the cost of production rises.

Consumer surplus in economics demonstrates the difference between the actual price of a commodity paid by the consumer and the price he is willing to pay for the same. It refers to the consumer benefits resulting from market competition. A surplus occurs when the consumer's willingness to pay for a product is greater than its market price.

This concept of consumer surplus is based on the theory of marginal utility meaning the additional satisfaction a consumer gains per unit. Thus, as the cost of production increases, the price increases too. This increase in price lowers consumer satisfaction and thus the consumer surplus.

Learn more about consumer surplus: brainly.com/question/4113507

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