Andrew Buys Yogurt, and He Would Be Willing to Pay

question 191

Multiple Choice

Andrew buys yogurt, and he would be willing to pay more than he now pays. Suppose that Andrew has a change in his tastes such that he values yogurt more than before. If the market price is the same as before, then

• A) Andrew's consumer surplus would be unaffected.
• B) Andrew's consumer surplus would increase.
• C) Andrew's consumer surplus would decrease.
• D) Andrew would be wise to buy less yogurt than before.

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Definitions:

Conscientious

A personality trait characterized by a high level of care, diligence, and a sense of duty.

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A legally established age at which individuals are required to or are no longer allowed to engage in certain activities or behaviors.

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Prejudice or discrimination against individuals based on their age, often targeting older adults.

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Refers to the increasing proportion of the population that is elderly, a demographic trend resulting in a higher median age in the United States.