Figure 9-27
The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit.
-Refer to Figure 9-27.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus?

Question

Figure 9-27
The following diagram shows the domestic demand and supply curves in a market.Assume that the world price in this market is $20 per unit. 
-Refer to Figure 9-27.With no trade allowed,how much are consumer surplus,producer surplus,and total surplus?

Quizplus · Accepted Answer

The Answer is Without trade,consumer surplus is $4,000,producer surplus is $4,000,and total surplus is $8,000.

Figure 9-27 The Following Diagram Shows the Domestic Demand and Supply Curves