Figure 7-14

-Refer to Figure 7-14.Total surplus amounts to $800 if consumer surplus amounts to
A) $450 and if the price of the good is $250.
B) $450 and if the price of the good is $300.
C) $350 and if the price of the good is $300.
D) $250 and if the price of the good is $325.

Question

Figure 7-14
 
-Refer to Figure 7-14.Total surplus amounts to $800 if consumer surplus amounts to
A) $450 and if the price of the good is $250. 
B) $450 and if the price of the good is $300. 
C) $350 and if the price of the good is $300. 
D) $250 and if the price of the good is $325.

Quizplus · Accepted Answer

Total surplus is the sum of consumer surplus and producer surplus. If consumer surplus is $450 and total surplus is $800, then producer surplus must be $350. This matches option A, where consumer surplus is $450.

Figure 7-14 -Refer to Figure 7-14.Total Surplus Amounts to $800 If Consumer