10 points total - Consider the producer surplus if the equilibrium price of a good decreases (regardless...
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10 points total - Consider the producer surplus if the equilibrium price of a good decreases (regardless of the reason why)?
- 4 points - Does consumer surplus increase, decrease, or stay the same in this scenario?
- 6 points - Why does the producer surplus change whenever the price drops (regardless of the reason)? To answer correctly, think about how the experience of producers in the market changes after the price drops.
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