Author Question: A drought destroys much of the peach crop. As a result, consumer surplus in the peach market: a. ... (Read 160 times)

azncindy619 · **on:** Jun 30, 2018

A drought destroys much of the peach crop. As a result, consumer surplus in the peach market:
a. increases. b. decreases.
c. remains unchanged. d. equals the deadweight loss increase.

Question 2

Consumer surplus is the:
a. amount by which the quantity supplied of a good exceeds the quantity demanded of a good.
b. measure of consumes' willingness to buy a good plus the price of the good.
c. measure of how much consumers value a good.
d. amount consumers are willing to pay for a good minus the amount the consumers actually pays for it.