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mylesnagop mylesnagop
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The diagram below shows supply, demand, and quantity exchanged of Monday matinee movie tickets. Assume it is a perfectly competitive market.

Short description: A graph plots quantity against price in dollars. Long description: The horizontal axis representing quantity ranges from 0 to 100, in increments of 10. The vertical axis representing price (dollars) ranges from 0 to 10, in increments of 1. The graph plots two lines. The line representing S passes through the following points: (0, 0), (25, 2.50), (50, 5), (75, 7.50), and (100, 10). The line representing D passes through the following points: (0, 10), (25, 7.50), (50, 5), (75, 2.50), and (100, 0). The two lines intersect at the point (50, 5). Three vertical dashed lines are drawn from 25, 50, and 75 to meet the line, D. Three horizontal dashed lines are drawn from 2.5, 5, and 7.5 to meet the line, D. Note: All values are approximate.

FIGURE 12-4

Refer to Figure 12-4. What is the total economic surplus generated in this market at the allocatively efficient level of output?



▸ $500

▸ $250

▸ $125

▸ $5

▸ $10
Textbook 
Microeconomics

Microeconomics


Edition: 17th
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bigmatic94bigmatic94
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