Figure 9-1

-Refer to Figure 9-1.Without trade,producer surplus is

Name: Figure 9-1 -Refer to Figure 9-1.Without trade,producer surplus is
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Question

Figure 9-1
 
-Refer to Figure 9-1.Without trade,producer surplus is

Quizplus · Accepted Answer

Producer surplus is the difference between the price producers receive for their goods and the minimum price they are willing to accept. In Figure 9-1, the price producers receive is $10, and the minimum price they are willing to accept is $5. Therefore, producer surplus is $10 - $5 = $5.

Figure 9-1 -Refer to Figure 9-1.Without Trade,producer Surplus Is