ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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10) Use the figure below to answer the following question. The equilibrium point in the market is the point at
which the S and D curves intersect.
Price
P₁
0
a
C
Q₁
b
d
Q₂
@
Quantity
S
D
If actual production and consumption occur at Q₁
A) consumer surplus is maximized.
C) missing surplus of e + d occurs.
10)
B) missing surplus of b + d occurs.
D) economic surplus is maximized.
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Transcribed Image Text:10) Use the figure below to answer the following question. The equilibrium point in the market is the point at which the S and D curves intersect. Price P₁ 0 a C Q₁ b d Q₂ @ Quantity S D If actual production and consumption occur at Q₁ A) consumer surplus is maximized. C) missing surplus of e + d occurs. 10) B) missing surplus of b + d occurs. D) economic surplus is maximized.
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