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respond to this discussion Consumer surplus is impacted by shifts in consumer preferences, changes in supply and demand, the availability of substitutes, and how products
respond to this discussion Consumer surplus is impacted by shifts in consumer preferences, changes in supply and demand, the availability of substitutes, and how products are priced. For example, when demand outpaces supply or consumers feel a product is worth more than its price, consumer surplus grows. To contrast, factors like heightened competition or advancements in technology can drive prices down, further expanding consumer surplus. Recognizing these influences is key for businesses and policymakers to ensure favorable outcomes for both consumers and producers. What other factors do you think could have an effect on consumer surplus
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