Refer to Figure 7-8. At the market-clearing equilibrium, which area represents total producer surplus? OC+F+D A+B+D+D+E+F C+F+G E + F

Do not use chatgpt.

The following diagram represents the market for paperback books. Which area represents producer surplus? Price per book 30 (dollars) с B O A A X 15 15 None of the above. 30 Thousands of books per week

In a market, the consumer surplus is 800,000 units and the producer surplus is 100,000. Which of the following statement is true? Group of answer choices The market is efficient since marginal benefit is equal to marginal cost. The market is inefficient since consumer surplus is greater than producer surplus and marginal benefit is equal to marginal cost. The market is efficient since consumer gain more than the producer. The market is inefficient since consumer surplus is greater than producer surplus.

Consider a free market with demand equal to Q = 800 − 10P and supply equal to Q = 10P. What is the value of consumer surplus? What is the value of producer surplus?

Use the black point (plus symbol) to indicate the equilibrium price and quantity of VR headsets. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per headset) 400 360 320 280 240 200 160 120 80 40 0 0 Demand Supply 100 200 300 400 500 600 700 800 900 QUANTITY (Millions of headsets) Total surplus in this market is $ 1000 million. Equilibrium Δ Consumer Surplus Producer Surplus

The market for rice in an East Asian country has demand and supply given by QD = 28 – 4P and QS = -12 + 6P, where quantities denote millions of bushels per day. a. If the domestic market is perfectly competitive, find the equilibrium price and quantity of rice. Compute the triangular areas of consumer surplus and producer surplus. b. Now suppose that there are no trade barriers and the world price of rice is $3. Confirm that the country will import rice. Find QD, QS, and the level of imports, QD – QS. Show that the country is better off than in part (a), by again computing consumer surplus and producer surplus. c. The government authority believes strongly in