Question: Figure 1 $ $ 80 - $ 70 $ 60 - $ 50 S $ 40 $ 30 $ 20 - $ 10 D 10

Figure 1 $ $ 80 - $ 70 $ 60 - $ 50 S $ 40 $ 30 $ 20 - $ 10 D 10 20 30 40 50 60 70 80 90 Q(Widgets) 4. Refer to Figure 1 above. If the market is in equilibrium, total consumer surplus is: a. $30. b. $70. C. $400. d. $800. e . $1200. 5. Refer to Figure 1 above. Suppose the market is currently in equilibrium. If the government establishes a price floor of $20, producer surplus will: a. fall by $200. b. fall by $300. C. remain the same. d. rise by $200. e . rise by $300

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