In order to calculate consumer surplus in a market, we need to know willingness to pay and price.
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Q23: If the government removes a binding price
Q24: All else equal, a decrease in demand
Q25: Each seller of a product is willing
Q26: If producing a soccer ball costs Jake
Q27: All else equal, an increase in demand
Q29: If the government imposes a binding price
Q30: Producer surplus measures the benefit to sellers
Q31: An increase in price increases consumer surplus.
Q32: Producer surplus is the cost of production
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