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A painter has sold portraits at a fixed price in the past. Recently, by switching to a pricing method of negotiating with each customer individually,
A painter has sold portraits at a fixed price in the past. Recently, by switching to a pricing method of negotiating with each customer individually, the painter has been able to approximate customers' individual willingness to pay and price each portrait accordingly. What has MOST likely happened to total surplus and consumer surplus? Total surplus has decreased, and consumer surplus has decreased, Total surplus has decreased, and consumer surplus has increased, Total surplus has increased, and consumer surplus has decreased, or Total surplus has increased, and consumer surplus has increased
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