Consumers who are more sensitive to changes in price suffer a greater loss of consumer surplus from any given price increase.

Name: Consumers who are more sensitive to changes in price suffer a greater loss of consumer surplus from any given price increase.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Consumers who are more sensitive to the price increase will reduce their purchase of the good by a greater extent than those who are not price sensitive.As a result,they incur a smaller loss of consumer surplus.

Consumers Who Are More Sensitive to Changes in Price Suffer