Use the following to answer question:
-(Figure: The Markets for Melons in Russia)Use Figure: The Market for Melons in Russia.Without trade,the country's producer surplus will equal area _____,and consumer surplus will equal area _____.

Question

Use the following to answer question: 
-(Figure: The Markets for Melons in Russia)Use Figure: The Market for Melons in Russia.Without trade,the country's producer surplus will equal area _____,and consumer surplus will equal area _____.

Quizplus · Accepted Answer

Without trade, the producer surplus is the area below the equilibrium price and above the supply curve, which is BCJ. The consumer surplus is the area above the equilibrium price and below the demand curve, which is ABJ.

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