Multiple Choice
The United States has an aging population, and as a result, the need for nursing services has increased. All other things being equal, what has happened in the market for nursing services, assuming the market sells at the equilibrium price?
A) Consumer surplus will be larger after the increase in demand.
B) Consumer surplus will be smaller after the increase in demand.
C) Consumer surplus will remain unchanged after the increase in demand.
D) There is no way to predict whether consumer surplus will change.
Correct Answer:
Verified
Correct Answer:
Verified
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