Figure 7-21
-Refer to Figure 7-21.When the price is P1,area B+C represents
A)total surplus.
B)producer surplus.
C)consumer surplus.
D)None of the above is correct.

Name: Figure 7-21 -Refer to Figure 7-21.When the price is P1,area B+C represents A)total surplus. B)producer surplus. C)consumer surplus. D)None of the above is correct.
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Question

Figure 7-21 
-Refer to Figure 7-21.When the price is P1,area B+C represents
A)total surplus. 
B)producer surplus. 
C)consumer surplus. 
D)None of the above is correct.

Quizplus · Accepted Answer

Area B+C represents the total surplus, which is the sum of producer surplus (area B) and consumer surplus (area C).

Figure 7-21 -Refer to Figure 7-21.When the Price Is P1,area B+C Represents