The following graph shows the supply curve for a group of students looking to sell used...

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The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the cost, or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone. PRICE (Dollars per used smartphone) 180 150 120 90 60 30 0 0 Rajiv 1 B A Simone Yakov Ana Charles 2 3 QUANTITY (Used smartphones) 5 сл Dina 6 Region A (the purple shaded area) represents the total producer surplus when the market price is $ when the market price represents while Region B (the grey shaded area) In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement Assuming each student receives a positive surplus, Rajiv will always receive more producer surplus than Simone. Producer surplus is larger when the price is $105 than when it is $75. True In order for Ana to earn a producer surplus of exactly $45 from selling a used smartphone, the market price needs to be $ False The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the cost, or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone. PRICE (Dollars per used smartphone) 180 150 120 90 60 30 0 0 Rajiv 1 B A Simone Yakov Ana Charles 2 3 QUANTITY (Used smartphones) 5 сл Dina 6 Region A (the purple shaded area) represents the total producer surplus when the market price is $ when the market price represents while Region B (the grey shaded area) In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement Assuming each student receives a positive surplus, Rajiv will always receive more producer surplus than Simone. Producer surplus is larger when the price is $105 than when it is $75. True In order for Ana to earn a producer surplus of exactly $45 from selling a used smartphone, the market price needs to be $ False

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Producer surplus Actual price received market price Minimu... View the full answer