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wrote...
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4 weeks ago



In Figure 6.1, the price of the good is $20 and the shaded area represents:

▸ consumer surplus.

▸ a price ceiling.

▸ producer surplus.

▸ market equilibrium.
Textbook 
Survey of Economics: Principles, Applications and Tools
Edition: 6th
Authors:
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wrote...
4 weeks ago
consumer surplus.
wrote...
4 weeks ago



In Figure 6.1, the consumer surplus is equal to:

▸ $400.

▸ $300.

▸ $200.

▸ $100.
wrote...
4 weeks ago
$100.
wrote...
4 weeks ago
TY
wrote...
4 weeks ago
Welcome Slight Smile
wrote...
4 weeks ago



If the good in Figure 6.1 were free:

▸ consumer surplus would equal $450 and consumer expenditure would be $0.

▸ consumer surplus and consumer expenditure would both be zero.

▸ consumer surplus and consumer expenditure would both be maximized.

▸ consumer surplus would be maximized but consumer expenditure would be impossible to calculate.
wrote...
4 weeks ago
consumer surplus would equal $450 and consumer expenditure would be $0.
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