Suppose You Buy Eight Pairs of Shoes Every Spring

question 90

Multiple Choice

Suppose you buy eight pairs of shoes every spring.This year,your shoe store has a huge sale and you end up buying 12 pairs.How does your consumer surplus now compare to how much it would have been had there been no sale?

• A)It is higher.
• B)It remains the same.
• C)It is lower.

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Definitions:

Derived Demand

This refers to the demand for a good or service that arises from the demand for another good or service.

Industrial Products

are goods used in the production of other goods or services, including raw materials, machinery, and equipment, as opposed to consumer products.

Organizational Buying Behavior

The decision-making process and actions of organizations involved in purchasing goods and services for operation, production, or resale purposes, differing significantly from individual consumer buying behavior due to more complex processes and larger transactions.

Derived Demand

Demand for a good or service that occurs as a result of the demand for another good or service.