-The figure above shows Cindy's demand for CDs per year.
a.What is Cindy's consumer surplus on all the CDs consumed if the price of a CD is $12?
b.What is Cindy's consumer surplus on all the CDs consumed if the price of a CD is $9?
c.What happens to Cindy's consumer surplus when the price of a CD falls?
Definitions:
Truth in Lending Act
A federal law designed to protect consumers in their dealings with lenders and creditors by requiring clear disclosure of loan terms and costs.
Revolving Credit
A credit agreement that allows a borrower to withdraw, repay, and redraw loans repeatedly up to a certain credit limit.
Magnuson-Moss Act
A federal law enacted to protect consumers from deceptive warranty practices, improving the enforceability of warranties on consumer products.
Injunctive Relief
A court order requiring a party to do or to refrain from doing specific acts.
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