Use the following to answer question:
-(Figure: The Market for Hamburgers)Look at the figure The Market for Hamburgers.The maximum total surplus for the market is _____,and it occurs at a price equal to _____.
A)$550;$1.50
B)$600;$1.50
C)$1,050;$2
D)Not enough information is provided to answer this question,since the maximum total surplus could occur anywhere.

Question

Use the following to answer question: 
-(Figure: The Market for Hamburgers)Look at the figure The Market for Hamburgers.The maximum total surplus for the market is _____,and it occurs at a price equal to _____.
A)$550;$1.50 
B)$600;$1.50 
C)$1,050;$2 
D)Not enough information is provided to answer this question,since the maximum total surplus could occur anywhere.

Quizplus · Accepted Answer

The maximum total surplus in a market occurs where the supply and demand curves intersect, as this point represents the equilibrium price and quantity, optimizing the total surplus. Without seeing the figure, we typically assume this principle holds. Given the options, the choice that suggests a specific total surplus and price ($600; $1.50) aligns with the concept of an equilibrium maximizing total surplus, assuming this choice reflects the equilibrium point described in the unseen figure.

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