Multiple Choice
Suppose hail storms damage vineyards in South Australia.The supply of grapes to local winemakers declines.What happens to consumer surplus in the market for South Australian wine?
A) it increases
B) there is no change to the consumer surplus
C) it decreases
D) the overall effect is ambiguous as consumer surplus could rise or fall
Correct Answer:
Verified
Correct Answer:
Verified
Q25: Economists generally believe that, although there may
Q113: If a consumer is not willing to
Q114: In order for market outcomes to maximise
Q115: Other things being equal, if the price
Q117: Economists tend to see ticket scalping as:<br>A)a
Q119: Many economists believe that a market in
Q121: Using a demand-supply diagram, completing the labels,
Q123: The height of the demand curve measures
Q125: Restrictions against ticket scalping actually drive up
Q194: Total surplus = Value to buyers -