FIGURE 5-6 -Refer to Figure 5-6.The market for good X is in equilibrium at P 0 and Q 0 .Economic surplus is represented by

Economic surplus is the sum of consumer surplus and producer surplus, represented by areas 1, 2, 3 (consumer surplus) and 5, 6 (producer surplus) in the equilibrium.

FIGURE 5-6 -Refer to Figure 5-6.The market for good X is in equilibrium at P 0 and Q 0 .Economic surplus is represented by

Economic surplus is the sum of consumer surplus and producer surplus, represented by areas 1, 2, 3 (consumer surplus) and 5, 6 (producer surplus) in the equilibrium.

Solved

FIGURE 5-6 -Refer to Figure 5-6.The Market for Good X Is in Is

Question 106

Multiple Choice

FIGURE 5-6 -Refer to Figure 5-6.The market for good X is in equilibrium at P<sub>0</sub> and Q<sub>0</sub>.Economic surplus is represented by A) areas 1 and 5. B) areas 2,3,4,6,7,8. C) areas 1,2,3,5,6. D) areas 1,2,3,4,5,6,7,8. E) areas 2,3,4,6,7,8,9. FIGURE 5-6
-Refer to Figure 5-6.The market for good X is in equilibrium at P₀ and Q₀.Economic surplus is represented by