According to economists, the process of optimal decision making by consumers typically yields total benefits well above the amount paid for the goods. These market-created benefits are referred to as ▼, and using the graph to the right, are represented by area Suppose now that the market price falls. According to the graph, the excess of total benefits over the total amount spent by consumers will ▼ decrease increase not change PM B Quantity (Q) Q
According to economists, the process of optimal decision making by consumers typically yields total benefits well above the amount paid for the goods. These market-created benefits are referred to as ▼, and using the graph to the right, are represented by area Suppose now that the market price falls. According to the graph, the excess of total benefits over the total amount spent by consumers will ▼ decrease increase not change PM B Quantity (Q) Q
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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