Assertion: monopolist's price | /r/HasProperty | paid by consumer
Facets:
Source sentences:
text: Consumer surplus exists when the price paid by a consumer is less than what the consumer would be willing to purchase the good for.
text: Under normal market conditions for a monopolist, this monopoly price will be higher than the Marginal (Economic) cost of producing the product, thereby indicating the price paid by the consumer, which is equal to the marginal benefit for the consumer, is above the firm's marginal cost.
text: But this time the wedge between the price paid by consumers and price received by suppliers is different.
text: Finally, the price and production in the industry stabilizes into its "competitive equilibrium"; the price paid by the consumers are just high enough to cover the average economic cost of producing the product, and the available quantity of the product doubles from its initial sales (under the monopoly).
text: However of the price of 350 for each item, 50 goes to the government and 300 goes to the supplier, the tax drives a wedge between the price paid by the consumer and the price received by the supplier.