As people buy more and more of a service, their consumer surplus Multiple Choice decreases. falls to zero. increases. becomes negative.

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05-07-2022
Business

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As people buy more and more of a service, their consumer surplus Multiple Choice decreases. falls to zero. increases. becomes negative.

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Sharmaaashutosh169idn Sharmaaashutosh169idn · Answer 1 · 2022-07-13T03:01:40-04:00

As customers buy more and more of a service, their consumer surplus becomes zero.

Consumer surplus is an economic measure of the advantages received by consumers. A consumer surplus occurs when the price that consumers pay for a product or service is less than the price that they are willing to pay.

When demand for a product or service is entirely elastic, the consumer surplus for that product or service is zero. This is due to buyers' willingness to match the product's or service's price. When demand is completely elastic, consumer surplus is unlimited since a change in price has no effect on demand.

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