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consumer would not purchase the good and would not have any consumer surplus. b. consumer would increase his/ her willingness and ability to pay by

consumer would not purchase the good and would not have any consumer surplus. b. consumer would increase his/ her willingness and ability to pay by

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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If a consumer is willing and able to pay $ 15.00 for a particular good but the price of the good is $17.00, then the a. consumer would not purchase the good and would not have any consumer surplus. b. consumer would increase his/ her willingness and ability to pay by earning more. c. consumer would have a consumer surplus of $2.00. d. market must not be a perfectly competitive market.
Transcribed Image Text:If a consumer is willing and able to pay $ 15.00 for a particular good but the price of the good is $17.00, then the a. consumer would not purchase the good and would not have any consumer surplus. b. consumer would increase his/ her willingness and ability to pay by earning more. c. consumer would have a consumer surplus of $2.00. d. market must not be a perfectly competitive market.
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