An early freeze in California sours the lemon crop. Explain what happens to consumer surplus in the market for lemons. Explain what happens to consumer surplus in the market for lemonade. Illustrate your answers with diagrams.

The market demand for milk in country x is 18 billion gallons per month,but the supply is 10 billion gallons per month. What must happen in order to achieve market equilibrium

Consumer surplus is a measure of the difference between: a)  The price which a consumer has to pay and the cost of producing the good (in a diagram, the area between the market price, and the supply curve). b)  The consumer’s willingness to pay, and the cost of production (the area between the demand curve and the supply curve). c)  The value which a consumer places on a unit of the good, and the market price (the area between the demand curve and the market price line). d)  The marginal revenue from sales and the marginal cost of sales (the area between the marginal revenue and the marginal cost curves).

Neha buys an iPhone for $240 and gets a consumer surplus of $160. Her willingness to pay for an iPhone is   .   If she had bought the iPhone on sale for $180, her consumer surplus would have been   .   If the price of the iPhone had been $500, her consumer surplus would have been

Sales of masks are skyrocketing due to the coronavirus, leading to rationing and price hikes. describe the change(s) in the market environment that takes place, how it impacts prices, quantity demanded and supplied, and how the market settles at a new equilibrium.

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