hallkanay1890 hallkanay1890

06-02-2020
Business

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Assume Fiona is willing to pay $8 for a pizza cutter. Tim also wants one, but is only willing to pay $6 for one. At a pizza baker's convention, Fiona buys the last pizza cutter at the market price just before Tim can buy it. Tim contacts the convention organizers and complains about missing out on the last pizza cutter. The organizers refund Fiona for the pizza cutter and allow Tim to buy it at the market price. What happens as a result of the organizers refund

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kaympoey08 kaympoey08

11-02-2020

Answer

The question is incomplete; assuming that the market price is $5.

The answer will be consumer surplus decreases.

Explanation:

Consumer surplus is a measure of consumer welfare. It is measured as the difference between what customers are willing and able to pay for a good and the price they actually pay.

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