Figure 9-20
The figure illustrates the market for rice in Vietnam.
-Refer to Figure 9-20.In the absence of trade,total surplus in the Vietnamese rice market amounts to

Question

Figure 9-20
The figure illustrates the market for rice in Vietnam. 
-Refer to Figure 9-20.In the absence of trade,total surplus in the Vietnamese rice market amounts to

Quizplus · Accepted Answer

Total surplus in the Vietnamese rice market can be calculated as the sum of consumer surplus and producer surplus. From the graph, consumer surplus is represented by the area above the market price and below the demand curve, while producer surplus is represented by the area below the market price and above the supply curve. Adding these two values, we get a total surplus of $12,000.

Figure 9-20 The Figure Illustrates the Market for Rice in Vietnam