Bill and Ted each consume 15 chocolate bars at the current price.If Bill's demand for chocolate bars is more elastic than Ted's demand,then
A)Bill's willingness to pay for the last chocolate bar is greater than Ted's.
B)Ted's willingness to pay for the last chocolate bar is greater than Bill's.
C)Bill's consumer surplus is greater than Ted's.
D)Ted's consumer surplus is greater than Bill's.
E)Bill's consumer surplus equals Ted's.

Question

Quizplus · Accepted Answer

The Answer of Bill and Ted each consume 15 chocolate bars at the current price.If Bill's demand for chocolate bars is more elastic than Ted's demand,then
A)Bill's willingness to pay for the last chocolate bar is greater than Ted's.
B)Ted's willingness to pay for the last chocolate bar is greater than Bill's.
C)Bill's consumer surplus is greater than Ted's.
D)Ted's consumer surplus is greater than Bill's.
E)Bill's consumer surplus equals Ted's.

Bill and Ted Each Consume 15 Chocolate Bars at the Current