Let P represent price; let QS represent quantity supplied; and assume the equation of the supply curve is
If 90 units of the good are produced and sold, then producer surplus amounts to $1,350.

Question

Let P represent price; let QS represent quantity supplied; and assume the equation of the supply curve is
  If 90 units of the good are produced and sold, then producer surplus amounts to $1,350.

Quizplus · Accepted Answer

We do not have enough information to determine the exact price or equation of the supply curve. However, we know that at a quantity of 90 units, the producer surplus is $1,350. This gives us a point on the supply curve, which we can use to find additional points and eventually the equation. Therefore, it is possible for the statement to be true, and the answer is A.

Let P Represent Price; Let QS Represent Quantity Supplied; and Assume