Use the figure below to answer the following question. Price 2 U D Q₁ O D Multiple Choice O Q2 S If actual production and consumption occur at Q₁ and the price is P₁ D Quantity consumer surplus equals area a. consumer surplus equals area a + b. producer surplus equals area c + b. deadweight loss equals area b.

The graph shows the market for ice cream cones. On the graph, draw a shape that shows the producer surplus at market equilibrium. Producer surplus equals $ Enter your answer in dollars and cents (i.e. round at the second decimal place). 6.00- 5.50- 5.00 4.50- 4.00- 3.50- 3.00 2.50- 2.00 1.50- 1.00- 0.50 0.00 0 Price (dollars per ice cream cone) 5 10 15 20 30 25 Quantity (ice cream cones per day) S D 35 2

Figure 7-4 Price P₂ P₁ с A D 9₂ B E 9₂2 Quantity Refer to Figure 7-4. What does area A represent? a. the increase in consumer surplus that results from new consumers entering the market as the result of price rising from P1 to P2 b. the increase in producer surplus to those producers already in the market when price rises from P1 to P2 C. the increase in producer surplus to new producers entering the market as the result of price rising from P1 to P2 Od. an increase in total surplus when sellers are willing and able to increase supply from Q1 to Q2 X

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