Joel has a 1966 Mustang, which he sells to Susie, an avid car collector. Susie is pleased since she paid $8,000 for the car but would have been willing to pay $11,000 for the car. Susie's consumer surplus is $2,000.
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Q1: Consumer surplus can be measured as the
Q3: For any given quantity, the price on
Q4: The lower the price, the lower the
Q5: Welfare economics is the study of the
Q6: Consumer surplus is the amount a buyer
Q7: All else equal, an increase in demand
Q8: Consumer surplus measures the benefit to buyers
Q9: All else equal, an increase in supply
Q10: Consumer surplus is the amount a buyer
Q11: If the government imposes a binding price
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