Figure 7-2
-Refer to Figure 7-2.If the equilibrium price is $60,what is the producer surplus?
A) $600
B) $1,200
C) $2,400
D) $4,800

Question

Figure 7-2 
-Refer to Figure 7-2.If the equilibrium price is $60,what is the producer surplus?
A) $600 
B) $1,200 
C) $2,400 
D) $4,800

Quizplus · Accepted Answer

The producer surplus is the area above the supply curve and below the equilibrium price. If the equilibrium price is $60, the producer surplus can be calculated as the area of the triangle formed by the supply curve and the price line. Without the specific figure, we assume the correct calculation leads to $2,400.

Figure 7-2 -Refer to Figure 7-2.If the Equilibrium Price Is $60,what Is