One of these demand and supply diagrams holds within it the concept of economic efficiency for floppy sun hats. The shaded triangular shape represents producer surplus, which demonstrates that the area between the market price and the segment of the supply curve below the equilibrium. The equilibrium price for floppy sun hats is $8 and the equilibrium quantity is 7 hats. Choose the correct shaded triangular area that represents the area of producer surplus of floppy sun hats. Select the correct answer below: O this shaded area represents producer surplus

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Define Producer Surplus
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One of these demand and supply diagrams holds within it the concept of economic efficiency for floppy sun hats. The
shaded triangular shape represents producer surplus, which demonstrates that the area between the market price and the
segment of the supply curve below the equilibrium. The equilibrium price for floppy sun hats is $8 and the equilibrium
quantity is 7 hats.
Choose the correct shaded triangular area that represents the area of producer surplus of floppy sun hats.
Select the correct answer below:
this shaded area represents producer surplus
Price of Floppy Sun Hats (Hundreds $)
15
10
5
Demand
Equilibrium
(1, 2)
5
. (7,2)
10
Supply
15
20
Quantity of Floppy Sun Hats (Hundreds)
Transcribed Image Text:Define Producer Surplus Question One of these demand and supply diagrams holds within it the concept of economic efficiency for floppy sun hats. The shaded triangular shape represents producer surplus, which demonstrates that the area between the market price and the segment of the supply curve below the equilibrium. The equilibrium price for floppy sun hats is $8 and the equilibrium quantity is 7 hats. Choose the correct shaded triangular area that represents the area of producer surplus of floppy sun hats. Select the correct answer below: this shaded area represents producer surplus Price of Floppy Sun Hats (Hundreds $) 15 10 5 Demand Equilibrium (1, 2) 5 . (7,2) 10 Supply 15 20 Quantity of Floppy Sun Hats (Hundreds)
Othis shaded area represents producer surplus
O
Price of Floppy Sun Hats (Hundreds $5)
Price of Floppy Sun Hats (Hundreds 5)
Price of Floppy Sun Hats (Hundreds 5)
15
10
O this shaded area represents producer surplus
s
15
15
10
10
Demand
(0,8)
(0,1)
Demand
this shaded area represents producer surplus
5
Equilibrium,
Demand
(2, 12)
Equilibrium
Equilibrium
10
Supply
15
20
Quantity of Floppy Sun Hats (Hundreds)
10
Supply
15
(15,8)
(15, 2)
Supply
(11,12)
20
Quantity of Floppy Sun Hats (Hundreds)
Transcribed Image Text:Othis shaded area represents producer surplus O Price of Floppy Sun Hats (Hundreds $5) Price of Floppy Sun Hats (Hundreds 5) Price of Floppy Sun Hats (Hundreds 5) 15 10 O this shaded area represents producer surplus s 15 15 10 10 Demand (0,8) (0,1) Demand this shaded area represents producer surplus 5 Equilibrium, Demand (2, 12) Equilibrium Equilibrium 10 Supply 15 20 Quantity of Floppy Sun Hats (Hundreds) 10 Supply 15 (15,8) (15, 2) Supply (11,12) 20 Quantity of Floppy Sun Hats (Hundreds)
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