Figure 7-18
-Refer to Figure 7-18.Total surplus amounts to $500 if consumer surplus amounts to
A)$290 and if the price of the good is $150.
B)$300 and if the price of the good is $130.
C)$275 and if the price of the good is $160.
D)$400 and if the price of the good is $100.

Question

Figure 7-18 
-Refer to Figure 7-18.Total surplus amounts to $500 if consumer surplus amounts to
A)$290 and if the price of the good is $150. 
B)$300 and if the price of the good is $130. 
C)$275 and if the price of the good is $160. 
D)$400 and if the price of the good is $100.

Quizplus · Accepted Answer

Total surplus is the sum of consumer surplus and producer surplus. If consumer surplus is $290 and total surplus is $500, then producer surplus must be $210, which is consistent with the given information.

Figure 7-18 -Refer to Figure 7-18.Total Surplus Amounts to $500 If Consumer