When there is a technological advance in the cheese industry, consumer surplus in that market will a. not change, since technology affects producers and not consumers. b. Increase. Oc. not change, since consumers' willingness to pay is unaffected by the technological advance. Od. Decrease

Principles of Microeconomics
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ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
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QUESTION 1
When there is a technological advance in the cheese industry, consumer surplus in that market will
Ⓒ a not change, since technology affects producers and not consumers.
Ob. Increase.
O c.not change, since consumers' willingness to pay is unaffected by the technological advance.
Od. Decrease.
Transcribed Image Text:QUESTION 1 When there is a technological advance in the cheese industry, consumer surplus in that market will Ⓒ a not change, since technology affects producers and not consumers. Ob. Increase. O c.not change, since consumers' willingness to pay is unaffected by the technological advance. Od. Decrease.
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