Figure 7-24
-Refer to Figure 7-24.At equilibrium,producer surplus is
A)$36.
B)$72.
C)$54.
D)$18.

Name: Figure 7-24 -Refer to Figure 7-24.At equilibrium,producer surplus is A)$36. B)$72. C)$54. D)$18.
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Question

Figure 7-24 
-Refer to Figure 7-24.At equilibrium,producer surplus is
A)$36. 
B)$72. 
C)$54. 
D)$18.

Quizplus · Accepted Answer

Producer surplus is the difference between the price producers receive for their output and the minimum price they are willing to accept. In this case, the equilibrium price is $6, and the minimum price producers are willing to accept is $3. Therefore, producer surplus is $6 - $3 = $3.

Figure 7-24 -Refer to Figure 7-24.At Equilibrium,producer Surplus Is