The U.S. wheat market is represented by the demand and supply curves shown in the figure below.
Initially, suppose there is no trade in wheat between the United States and the rest of the world. In this case, consumer surplus is represented by the area ________ and producer surplus is represented by the area ________ in the figure below.

A) A; B
B) A+B+C;0
C) A;B+C
D) 0;A+B+C

Question

The U.S. wheat market is represented by the demand and supply curves shown in the figure below.
 Initially, suppose there is no trade in wheat between the United States and the rest of the world. In this case, consumer surplus is represented by the area ________ and producer surplus is represented by the area ________ in the figure below.

A) A; B 
B) A+B+C;0 
C) A;B+C 
D) 0;A+B+C

Quizplus · Accepted Answer

The Answer of The U.S. wheat market is represented by the demand and supply curves shown in the figure below.
 Initially, suppose there is no trade in wheat between the United States and the rest of the world. In this case, consumer surplus is represented by the area ________ and producer surplus is represented by the area ________ in the figure below.

A) A; B 
B) A+B+C;0 
C) A;B+C 
D) 0;A+B+C

The US Wheat Market Is Represented by the Demand and Supply