5. Consumer and Producer Surplus; Price Ceilings and Price Floors
Consumer Surplus and WIllingness to Pay
Multiple Choice
Multiple ChoiceThe demand curve for Nickelback's new album is downward sloping. At a price of $2, nationwide demand is 100 albums. If the price rises to $3, what happens to consumer surplus?
A
It falls by less than $100
B
It rises by more than $100
C
It falls by more than $100
D
It rises by less than $100
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