Answer these two questions for me A decrease in the price of widgets will result in which of the following? *An increase in demand for widgetsO A decrease in demand for widgets.A decrease in quantity supplied for widgetsAn increase in quantity supplied for widgetsAn increase in supply for widgets.Consumer surplus is*the price of a good divided by its marginal utility.the marginal utility of a good divided by its price.the total utility of a good.the difference between the consumer's value and the market price.the area on the supply and demand graph below the market price and above thesupply curve.

An change in price results in change in quantity demanded and quantity supplied. An increase or…

A decrease in the price of widgets will result in which of the following? * An increase in demand for widgets O A decrease in demand for widgets. A decrease in quantity supplied for widgets O An increase in quantity supplied for widgets An increase in supply for widgets.

A decrease in the price of widgets will result in which of the following? * An increase in demand for widgets O A decrease in demand for widgets. A decrease in quantity supplied for widgets O An increase in quantity supplied for widgets An increase in supply for widgets.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter5: Elasticity

Section: Chapter Questions

Problem 31CTQ: Economists define normal goods as having a positive income elasticity. We can divide normal goods...

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Question

Answer these two questions for me

A decrease in the price of widgets will result in which of the following? *
An increase in demand for widgets
O A decrease in demand for widgets.
A decrease in quantity supplied for widgets
An increase in quantity supplied for widgets
An increase in supply for widgets.
Consumer surplus is
*
the price of a good divided by its marginal utility.
the marginal utility of a good divided by its price.
the total utility of a good.
the difference between the consumer's value and the market price.
the area on the supply and demand graph below the market price and above the
supply curve.

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