Question
When a buyer's willingness to pay for a good is equal to the price of the good, the buyer's consumer surplus for that good
When a buyer's willingness to pay for a good is equal to the price of the good, the buyer's consumer surplus for that good is maximized. buyer will buy as much of the good as the buyer's budget allows. price of the good exceeds the value that the buyer places on the good. buyer is indifferent between buying the good and not buying it.
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Microeconomics An Intuitive Approach with Calculus
Authors: Thomas Nechyba
1st edition
538453257, 978-0538453257
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