Question: What is consumer surplus? How is it illustrated on a demand and supply diagram? Give an example of consumer surplus. What is producer surplus? How

  1. What is consumer surplus? How is it illustrated on a demand and supply diagram? Give an example of consumer surplus.
  2. What is producer surplus? How is it illustrated on a demand and supply diagram? Give an example of producer surplus.
  3. What is deadweight loss? How is it illustrated on a demand and supply diagram? GIve an example of deadweight loss.

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