Figure 7-6

-Refer to Figure 7-6.At the equilibrium price,what would total surplus be

Name: Figure 7-6 -Refer to Figure 7-6.At the equilibrium price,what would total surplus be
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Question

Figure 7-6
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-Refer to Figure 7-6.At the equilibrium price,what would total surplus be

Quizplus · Accepted Answer

Total surplus at equilibrium is the sum of consumer surplus and producer surplus. In this context, it is calculated as the area of the triangle formed by the demand and supply curves at equilibrium, which is $1120.

Figure 7-6 ​

Figure 7-6