1. Refer to Figure 7-24. At equilibrium, producer surplus is
a. $36.
b. $18.
c. $72.
d. $54.
2. Refer to Figure 7-24. At equilibrium, producer surplus is measured by the area
a. ABF.
b. BDF.
c. ABD.
d. CDI.
3. Refer to Figure 7-24. At equilibrium, total surplus is
a. $36.
b. $108.
c. $18.
d. $54.
4. Refer to Figure 7-24. At equilibrium, total surplus is measured by the area
a. HGCI.
b. FBD.
c. ABD.
d. ABF.
5. Refer to Figure 7-24. If 10 units of the good are produced and sold, then
a. the marginal value to buyers exceeds the marginal cost to sellers.
b. total surplus is minimized.
c. the marginal cost to sellers exceeds the marginal value to buyers.
d. producer surplus is maximized.