Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $6 to $5, by how much did total consumer surplus change in the market?

A) Consumer surplus increased by $1.
B) Consumer surplus increased by $7.
C) Consumer surplus did not change.
D) Consumer surplus decreased by $1.

Question

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $6 to $5, by how much did total consumer surplus change in the market?
​

A) Consumer surplus increased by $1. 
B) Consumer surplus increased by $7. 
C) Consumer surplus did not change. 
D) Consumer surplus decreased by $1.

Quizplus · Accepted Answer

The Answer of Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $6 to $5, by how much did total consumer surplus change in the market?
​

A) Consumer surplus increased by $1. 
B) Consumer surplus increased by $7. 
C) Consumer surplus did not change. 
D) Consumer surplus decreased by $1.