객관식
Suppose the government imposes an excise tax on a good, raising its market price from 10 to 14. If a consumer's willingness to pay for the good is 18, what is the amount of consumer surplus the consumer receives after the tax?
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5. Consumer and Producer Surplus; Price Ceilings and Floors
Consumer Surplus and Willingness to Pay
객관식
Which of the following is true regarding value in the context of consumer surplus and willingness to pay?
A
Value is unrelated to consumer preferences.
B
Value is determined solely by the cost of production.
C
Value is always equal to the market price of a good.
D
Value to a consumer is measured by the maximum amount they are willing to pay for a good or service.
검증된 단계별 안내1
Understand the concept of 'value' in microeconomics, which relates to how much a consumer values a good or service based on their preferences and willingness to pay.
Recognize that consumer surplus is the difference between the maximum amount a consumer is willing to pay (their value) and the actual market price they pay.
Note that value is not determined by the cost of production; instead, it is subjective and varies across consumers depending on their preferences.
Understand that value is not always equal to the market price because market price is influenced by supply and demand, while value reflects individual willingness to pay.
Conclude that the correct interpretation of value in this context is the maximum amount a consumer is willing to pay for a good or service, which directly relates to consumer surplus.
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