If the costs of production increase,consumer surplus will:

Name: If the costs of production increase,consumer surplus will:
Brand: Quizplus
Rating: 4.9 (46 reviews)

Question

Quizplus · Accepted Answer

If the costs of production increase, the supply curve shifts to the left, causing a decrease in equilibrium quantity and an increase in equilibrium price. This decrease in quantity means that some consumers who were willing to pay the original price will be excluded from the market, resulting in a decrease in consumer surplus.

If the Costs of Production Increase,consumer Surplus Will