Which of the following statements are true? a. Consumer surplus can be determined as the space between market price and supply curve. b. The supply curve reflects the willingness to pay of costumers. c. Producer surplus can be determined as the space between market price and supply curve. d. The demand curve reflects the willingness to pay of costumers.

Which of the following statements are true? a. Consumer surplus can be determined as the space between market price and supply curve. b. The supply curve reflects the willingness to pay of costumers. c. Producer surplus can be determined as the space between market price and supply curve. d. The demand curve reflects the willingness to pay of costumers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Consumer surplus is equal to: the consumer's willingness to pay for the good, minus the marginal cost of producing the good. the price of the good, minus the marginal cost of producing the good. the consumer's maximum willingness to pay for the good, minus the price of the good. the marginal cost of the good, minus the consumer's willingness to pay for the good.