Illustrate what does this mean regarding the consumer

Reference no: EM1337838

Consumer surplus of the "last person"

In a competitive market, all consumes pay the same price (equilibrium price) for the goods. Using the concept of consumer surplus, explain why each individual would be willing to pay a higher price and what does this mean regarding the consumer surplus of the "last person" shown on the demand curve.

Reference no: EM1337838

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