Which of the following are ways to ration goods and services?

Suppose a consumer is willing to pay a maximum of $45 for a brand of perfume whose price increases from $37 to $41 . What will be the impact of this price rise on the consumer surplus?

a. Consumer surplus will increase by $8. b. Consumer surplus will decline by $8. c. Consumer surplus will increase by $4. d. Consumer surplus will decline by $4.

If you and your business partner are trying to increase your total revenue, and you want a lower price than she does, it could be because you think the relevant demand curve is more elastic than your partner does

a. True b. False Indicate whether the statement is true or false