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Author Question: Consumer surplus is the: A) difference between the buyer's reservation value and the price he ... (Read 34 times)

formula1

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on: Jun 29, 2018
Consumer surplus is the:
 
  A) difference between the buyer's reservation value and the price he actually pays.
  B) product of a buyer's reservation value and the price he actually pays.
  C) sum of a buyer's reservation value and the price he actually pays.
  D) ratio of a buyer's reservation value to the price he actually pays.

Question 2

How does an unusually warm winter affect the equilibrium price and quantity of gloves?
 
  A) It raises both the price and the quantity.
  B) It raises the price and decreases the quantity.
  C) It lowers the price and increases the quantity.
  D) It lowers both the price and the quantity.


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livaneabi

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

D


formula1

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Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

sailorcrescent

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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