ECON201-HW7
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Refer to Figure 7-21. When the price is P1, area B+C represents
total surplus
Refer to Figure 7-12. If the equilibrium price is $200, what is the producer surplus?
$7,500
Refer to Figure 7-19. At the equilibrium price, total surplus is
$250
Refer to Figure 7-3. When the price is P2, consumer surplus is
A
Refer to Figure 7-3. When the price rises from P1 to P2, which of the following statements is not true?
Buyers place a higher value on the good after the price increase
Refer to Figure 7-3. When the price rises from P1 to P2, consumer surplus
decreases by an amount equal to B+C
Producer surplus is
the amount a seller is paid minus the cost of production