5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Consumer Surplus and WIllingness to Pay
Multiple Choice
Multiple ChoiceUse the graph for funky-fresh rhymes above. If price increases from $3,000 to $5,000 per funky-fresh rhyme, what is the change to consumer surplus?
A
$500,000 increase
B
$500,000 decrease
C
$1,000,000 increase
D
$1,000,000 decrease
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