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Consumer Surplus: The height of the demand curve at a given quantity reflects the marginal valuation of the last unit of that good consumed. For a normal good, an increase in income shifts the demand curve to the right and therefore increases its height at any quantity. Does this mean that consumers get greater marginal utility from each unit of this good than they did before? Explain.

Macroeconomics, Economics

  • Category:- Macroeconomics
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