Sandy's uncompensated demand for candy is given by the equation Q = 15/p, where Q is the quantity of candy and p is the price. When the price of candy rises from $1 to $3, the change in consumer surplus is

The law of diminishing marginal utility implies that the marginal utility of my fifth hot dog is less than the marginal utility of my second soda, other things constant

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

Consumer surplus:

a. does not exist in equilibrium. b. is illustrated by the area under the demand curve and above the market price. c. is illustrated by the area under the demand curve and below the market price. d. is illustrated by the area above the supply curve and under the demand curve.