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Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498Economics 1st Edition by Dean Karlan,Jonathan Morduch
Edition 1ISBN: 978-0073511498 Exercise 17
Based on Figure 5P-6 , choose all of the following options that are true.
a. The market is efficient.
b. Total surplus is higher than it would be at market equilibrium.
c. Total surplus is lower than it would be at market equilibrium.
d. Producer surplus is lower than it would be at market equilibrium.
e. Consumer surplus is lower than it would be at market equilibrium.
a. The market is efficient.
b. Total surplus is higher than it would be at market equilibrium.
c. Total surplus is lower than it would be at market equilibrium.
d. Producer surplus is lower than it would be at market equilibrium.
e. Consumer surplus is lower than it would be at market equilibrium.
Explanation
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Diagram:
Figure -1 illustrates the impa...
Economics 1st Edition by Dean Karlan,Jonathan Morduch
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