Price Discrimination, Consumer and Producer Surplus

What is consumer surplus?

The difference between the market price and the supply curve.
The difference between what consumers are willing and able to pay and the price that they actually pay.
The difference between what producers are willing and able to accept and the price that they actually sell for.
The difference between the demand curve and the price line.

What does the consumer surplus represent on a supply and demand diagram?

What is the impact of monopoly on consumer surplus?

What does a monopolist do with consumer surplus?

What is the definition of consumer surplus as explained in the video?

Consumer surplus is the difference between what consumers are willing and able to pay and the price that they actually pay.
Consumer surplus is the difference between the market price and the price consumers are willing to pay.
Consumer surplus is the difference between the price consumers are willing to pay and the price producers are willing to accept.
Consumer surplus is the total amount consumers are willing to pay for a product.

A company wants to implement first degree price discrimination. What conditions must be met for this strategy to be successful?

The firm needs to have a pure monopoly, it should be possible to identify and separate different customer groups with different price elasticities of demand, and it can't be the case where consumers being sold the product at the lower price can just buy lots of it and then resell it on to consumers in the higher price group.
The firm needs to have some degree of market power, it should be possible to identify and separate different customer groups with different price elasticities of demand, and it can't be the case where consumers being sold the product at the lower price can just buy lots of it and then resell it on to consumers in the higher price group.
The firm needs to have some degree of market power, it should be possible to identify and separate different customer groups with different price elasticities of demand, and it can be the case where consumers being sold the product at the lower price can just buy lots of it and then resell it on to consumers in the higher price group.
The firm does not need to have any degree of market power, it should be possible to identify and separate different customer groups with different price elasticities of demand, and it can't be the case where consumers being sold the product at the lower price can just buy lots of it and then resell it on to consumers in the higher price group.

A cinema offers student discounts on tickets. Which type of price discrimination is this an example of?

What happens when a monopolist restricts output and charges a higher price?