Question: Please explain how to do the attached problem and the correct answer. Supply and demand curves for a product are in the following gure. Choose

Please explain how to do the attached problem and the correct answer.

Supply and demand curves for a product are in the following gure. Choose the statement below that is true. 10 pm 80 S 60 40 20 D 20 40 60 80 100 Q When the price is $60, the consumer surplus is greater than the consumer surplus at the equilibrium price. Q When the price is $60, the market is in equilibrium. Q When the price is $60, in a competitive market, market forces should increase the price. Q The consumer surplus when the price is $60 is equal to the consumer surplus at the equilibrium price. Q At a price of $60, the producer surplus is greater than the producer surplus at the equilibrium price

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