QUESTION 21 A decrease in price will increase consumer welfare or consumer surplus due to a. New consumers paying a higher price, and old consumers leaving the market. O b. New consumers paying a lower price, and old consumers leaving the market. c. Old consumers paying a higher price, and new consumers entering into the market. O d. Old consumers paying a lower price, and new consumers entering into the market.
QUESTION 21 A decrease in price will increase consumer welfare or consumer surplus due to a. New consumers paying a higher price, and old consumers leaving the market. O b. New consumers paying a lower price, and old consumers leaving the market. c. Old consumers paying a higher price, and new consumers entering into the market. O d. Old consumers paying a lower price, and new consumers entering into the market.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Q21
![QUESTION 19
If your total profit is 8000 dirhams and your total revenue is 10000 dirhams. How much is your total cost?
O a. 3000 dirhams.
O b. 1500 dirhams.
c. 2000 dirhams.
O d. 1000 dirhams.
QUESTION 20
In a perfect competitive market, companies will make zero profits in the long run because
O a. Too much competition.
O b. They do not know how to produce.
O c. Little competition.
O d. None of the above is correct.
QUESTION 21
A decrease in price will increase consumer welfare or consumer surplus due to
a. New consumers paying a higher price, and old consumers leaving the market.
b. New consumers paying a lower price, and old consumers leaving the market.
O c. Old consumers paying a higher price, and new consumers entering into the market.
O d. Old consumers paying a lower price, and new consumers entering into the market.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F46579e0d-6345-4398-b17d-11e1102a56c8%2F426166ff-251f-48e1-b2d8-5ed3a18b6571%2F4kknjtt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:QUESTION 19
If your total profit is 8000 dirhams and your total revenue is 10000 dirhams. How much is your total cost?
O a. 3000 dirhams.
O b. 1500 dirhams.
c. 2000 dirhams.
O d. 1000 dirhams.
QUESTION 20
In a perfect competitive market, companies will make zero profits in the long run because
O a. Too much competition.
O b. They do not know how to produce.
O c. Little competition.
O d. None of the above is correct.
QUESTION 21
A decrease in price will increase consumer welfare or consumer surplus due to
a. New consumers paying a higher price, and old consumers leaving the market.
b. New consumers paying a lower price, and old consumers leaving the market.
O c. Old consumers paying a higher price, and new consumers entering into the market.
O d. Old consumers paying a lower price, and new consumers entering into the market.
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