A decrease in the price of widgets will result in which of the following? * An increase in demand for widgets O A decrease in demand for widgets. A decrease in quantity supplied for widgets O An increase in quantity supplied for widgets An increase in supply for widgets.
A decrease in the price of widgets will result in which of the following? * An increase in demand for widgets O A decrease in demand for widgets. A decrease in quantity supplied for widgets O An increase in quantity supplied for widgets An increase in supply for widgets.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:A decrease in the price of widgets will result in which of the following? *
An increase in demand for widgets
O A decrease in demand for widgets.
A decrease in quantity supplied for widgets
An increase in quantity supplied for widgets
An increase in supply for widgets.
Consumer surplus is
*
the price of a good divided by its marginal utility.
the marginal utility of a good divided by its price.
the total utility of a good.
the difference between the consumer's value and the market price.
the area on the supply and demand graph below the market price and above the
supply curve.
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