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Refer to the Graph Shown

Question 36

Multiple Choice

Refer to the graph shown. Total surplus is maximized when: Refer to the graph shown. Total surplus is maximized when: A) the market is in equilibrium at price P<sub>1</sub> and quantity Q<sub>1</sub>. B) producers are able to charge a price above P<sub>1</sub>. C) consumers are able to pay a price below P<sub>1</sub>. D) excess demand is maximized.


A) the market is in equilibrium at price P1 and quantity Q1.
B) producers are able to charge a price above P1.
C) consumers are able to pay a price below P1.
D) excess demand is maximized.

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