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ECS1501-26-Y-A
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The law of demand says that
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Investment is a stock variable.
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The monthly expenditure of a household is a flow variable.
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A new technological invention reduces the cost of manufacturing goods. How will this change affect both markets?
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If technology improves production efficiency, how does it affect producer surplus?
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How does an increase in demand affect consumer surplus?
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A firm with market power, such as a monopoly, typically has a higher producer surplus than firms in a competitive market.
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Consumer surplus is higher when market prices increase.
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Consumer surplus is always positive for every transaction.
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If consumer surplus increases, what can we conclude?
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