1.2.8 Consumer and Producer Surplus

... surplus is the difference between what ... are prepared to pay for a good and what they actually pay

Consumer

1 of 8

... surplus is the difference between what ... are prepared to sell a good for and what they actually receive for the good

Producer

2 of 8

... surplus is the triangle under the demand curve but above the price

Consumer

3 of 8

... surplus is the triangle above the supply curve but below the price

Producer

4 of 8

Higher supply costs will lead to a price ... and a fall in consumer surplus

Rise

5 of 8

An ... in market demand causes consumer surplus to fall

Increase

6 of 8

Lower supply costs cause the market price to ... and consumer surplus will rise as a result

Fall

7 of 8

An ... in market demand leads to a higher price and a rise in producer surplus

Increase

8 of 8

Other cards in this set

... surplus is the difference between what ... are prepared to sell a good for and what they actually receive for the good

Producer

... surplus is the triangle under the demand curve but above the price

... surplus is the triangle above the supply curve but below the price

Higher supply costs will lead to a price ... and a fall in consumer surplus

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