In the “Consumer Surplus from Television” application, people are asked how much they would be willing to pay to watch television or how much they’d have to be paid never to watch again. Graph what is being measured. What alternative question could have been asked that would have provided more details on the value consumers place on watching an extra hour of television?

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A:

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Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.