Refer to the figure below. If the market becomes uncompetitive, and output is reduced to 500 000 units, the consumer surplus becomes: a) $0.25 million b) $0.5 million c) $1 million d) $5.5 million e) $1.5 million P 12 10 10 S 8 4 0 500,000 1 million D

Refer to the figure below. If the market becomes uncompetitive, and output is reduced to 500 000 units, the consumer surplus becomes: a) $0.25 million b) $0.5 million c) $1 million d) $5.5 million e) $1.5 million P 12 10 10 S 8 4 0 500,000 1 million D

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Refer to the figure below. If the market becomes uncompetitive, and output is reduced to 500 000 units,
the consumer surplus becomes:
a) $0.25 million
b) $0.5 million
c) $1 million
d) $5.5 million
e) $1.5 million
12
10
8
4
0
500,000
1 million
S
D

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