The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a price floor to achieve their goal. What is the size of the consumer surplus?

The concept of market conduct includes such things as ____

a. pricing behavior of the firm or group of firms b. product policy of the firm or group of firms c. the degree of seller and buyer concentration in the market d. a and b only e. a, b, and c

What effect does a compensated price change have on a consumer's well-being?

A. The consumer's well-being increases. B. The consumer's well-being decreases. C. The consumer's well-being is unaffected. D. The effect on the consumer's well-being cannot be determined without knowing the direction of the price change.