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Earn +20 ptsQ: What is the price paid by a consumer called?
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What happened with the consumer surplus when the price rose?
Consumer surplus = Total amt consumers are willing to pay - Total amt consumers actually paid. Hence, if there is an increase in price of a good, consumer surplus decreases.
What is the agreement between the producer and consumer on a price called?
market
The price consumers are willing to pay for a product minus the price they actually pay is called?
Consumer surplus
The price that is paid for the use of another's money is called?
Interest
How can one calculate consumer surplus without the use of a graph?
To calculate consumer surplus without a graph, you can use the formula: Consumer Surplus Total Value - Total Expenditure. Total Value is the maximum price a consumer is willing to pay for a good or service, and Total Expenditure is the actual price paid. Subtracting Total Expenditure from Total Value gives you the consumer surplus.
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