Q:When senior citizens get discounted metrocards, their consumer surplus for a subway ride is higher than that of non-senior citizens, who do not get the discount.
Is it true or False? If it is true why (in words)
True,
Consumer surplus in the market is the difference between the actual amount of price paid for the goods and the expected price to be paid. For a metrocard a senior citizen might be expecting a higher price but a discount will allow them to pay less in the market and the difference will be the increased consumer surplus that the person who didn't got the discount will not get.
Q:When senior citizens get discounted metrocards, their consumer surplus for a subway ride is higher than...
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