Figure 10-4

-Refer to Figure 10-4.If this market is currently producing at Q₁,then total economic well-being would increase if output
A)increased to Q₂.
B)increased to Q₃.
C)increased to Q₄.
D)stayed at Q₁.

Question

Figure 10-4
 
-Refer to Figure 10-4.If this market is currently producing at Q₁,then total economic well-being would increase if output
A)increased to Q₂. 
B)increased to Q₃. 
C)increased to Q₄. 
D)stayed at Q₁.

Quizplus · Accepted Answer

Increasing output to Q₂ would likely move the market closer to the equilibrium point where supply equals demand, thus increasing total economic well-being by maximizing consumer and producer surplus.

Figure 10-4 -Refer to Figure 10-4.If This Market Is Currently Producing at Is