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msouthern msouthern
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5 years ago Edited: 5 years ago, bio_man

Question 1.

In a competitive market equilibrium,

• total consumer surplus equals total producer surplus.

• marginal benefit and marginal cost are maximized.

• consumers and producers benefit equally.

• the marginal benefit equals the marginal cost of the last unit sold.

Question 2.

Figure 4-6


Figure 4-6 shows the demand and supply curves for the almond market. The government believes that the equilibrium price is too low and tries to help almond growers by setting a price floor at Pf.


Refer to Figure 4-6. What area represents consumer surplus after the imposition of the price floor?

• A + B + E

• A + B

• A + B + E + F

• A
Textbook 
Microeconomics

Microeconomics


Edition: 7th
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mcwieckmcwieck
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thank yoiu
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