A drought destroys much of the peach crop. As a result, consumer ...

[azncindy619]

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.

[kjohnson]

Answer to Question 1

b

Answer to Question 2

d

[azncindy619]

Excellent

[flexer1n1]

Thanks for the timely response, appreciate it