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Document1 - Word s Mailings ReviewView Help Tell me what you want to do Ξ Ξ- 垣. 으.B- LNorm all 1 No Spac.--Heading 1- Heading 2 -Title -subtitle-subtle E Paragraph Styles a) The Market Demand Curve is the same an Individual Demand Curve? True or False.Discuss b) The market demand curve always slope downward to the right? If your answer is yes, discuss. If your answer is no, discuss. c) Is there a difference between a movement along a demand curve and the shift of the demand curve? If yes, explain. If no, explain. d) What is consumer surplus and why managers are always interested in the concept of consumer surplus? Discuss
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a. False. Market demand curve is the horizontal summation of the individual demand curves of individuals.Thus, both are not same.

b. True. Except for the exceptional cases like Giffen goods where the individual demand curve is upward sloping, the market demand curve is also upward sloping.In all other cases, market demand curve is downward sloping.

c. Yes, there is difference between movement along the demand curve and shift of the demand curve. A movement along the demand curve is caused by change in price of the good and shift of the demand curve is caused by changes in all other variables except price level.

d. Consumer surplus is the difference between what the consumers are willing to pay and what they actually pay.This concept helps in setting of prices of the manager and thus plays an important role.

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