Based on Figure 5P-8, choose all of the following options that are true. a. The market is

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Based on Figure 5P-8, choose all of the following options that are true.

a. The market is efficient.

b. Total surplus is higher than it would be at market equilibrium.

c. Total surplus is lower than it would be at market equilibrium.

d. Producer surplus is lower than it would be at market equilibrium.

e. Consumer surplus is lower than it would be at market equilibrium.

Figure 5P-8:

Price ($) 15 - 14 13 12 11 10 Price floor = $9 6 5 'D 0 10 20 30 40 50 60 70 80 90 100 Quantity

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Microeconomics

ISBN: 978-1259813337

2nd edition

Authors: Dean S. Karlan, Jonathan J. Morduch

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Question Posted: Oct 03, 2018 11:59 AM

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Based on Figure 5P-8, choose all of the following options that are true. a. The market is

Question:

Price ($) 15 - 14 13 12 11 10 Price floor = $9 6 5 'D 0 10 20 30 40 50 60 70 80 90 100 Quantity

Step by Step Answer:

C and E Total surplus is l...View the full answer

Microeconomics

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