Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $4 to $3, by how much did Niles's consumer surplus change?

A) Niles's consumer surplus increased by $3.
B) Niles's consumer surplus increased by $4.
C) Niles's consumer surplus increased by $1.
D) Niles's consumer surplus did not change.

Question

Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $4 to $3, by how much did Niles's consumer surplus change?
​

A) Niles's consumer surplus increased by $3. 
B) Niles's consumer surplus increased by $4. 
C) Niles's consumer surplus increased by $1. 
D) Niles's consumer surplus did not change.

Quizplus · Accepted Answer

The Answer of Use Table: Individual Demand Schedules for Pairs of Socks. If the price of a pair of socks falls from $4 to $3, by how much did Niles's consumer surplus change?
​

A) Niles's consumer surplus increased by $3. 
B) Niles's consumer surplus increased by $4. 
C) Niles's consumer surplus increased by $1. 
D) Niles's consumer surplus did not change.