Figure 7-25
-Refer to Figure 7-25.At the equilibrium price,total surplus is
A)$288.
B)$576.
C)$1,152.
D)$2,304.

Name: Figure 7-25 -Refer to Figure 7-25.At the equilibrium price,total surplus is A)$288. B)$576. C)$1,152. D)$2,304.
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Question

Figure 7-25 
-Refer to Figure 7-25.At the equilibrium price,total surplus is
A)$288. 
B)$576. 
C)$1,152. 
D)$2,304.

Quizplus · Accepted Answer

Total surplus is the sum of producer surplus and consumer surplus. At the equilibrium price of $9, producer surplus is $864 ($9 x 96). Consumer surplus is $288 (($15 - $9) x 96/2). Therefore, total surplus is $1,152 ($864 + $288).

Figure 7-25 -Refer to Figure 7-25.At the Equilibrium Price,total Surplus Is