Suppose the current market price for wheat is $20 per bushel and there are 160,000 bushels sold each day. If the supply curve is a straight line that intersects the price axis at $3 per bushel, what is the total amount of producer surplus in this market?

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Q: In the above figure, which area represents producer surplus? A) A B) D C) C D) B

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A: ANSWER STEP-1   A firm can maximize profit at some extent wherever marginal revenue is capable…