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Consider the market for cider. Assume that the only two consumers are Wayne and Julia and each has the demand curve given by the following:

Julia: p = 100 - 4q
Wayne: p = 60 - 2q

if the market price is equal to 20:

Answer

Receive differ marginal benefit from the last cider consumed but have the same total consumer surplus
Receive differ marginal benefit from the last cider consumed and have different total consumer surplus
Receive the same marginal benefit from the last cider consumed and have the same total consumer surplus
Receive the same marginal benefit from the last cider consumed but have different consumer surplus
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Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M945625

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