Answer in step by step with explanation.Don't use Ai and chatgpt.Answer in all options. Total surplus is the areaO a. below the supply curve and above the price.O b. above the supply curve and below the price.O c. above the demand curve and below the price.O d. below the demand curve and above the supply curve.Oe. below the demand curve and above the price.

Option (a): "below the supply curve and above the price."The area below the supply curve cannot…

Answered: Total surplus is the area O a. below…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The price of a DVD rental is $1.50 and the price of a downloaded movie is $1.00. If the price of a DVD rental increases by $0.50, the relative price a downloaded movie Select one: O a. falls. O b. rises: Oc. does not change. O d. might change but more information is needed.
les of Microeconomics Spring20 fall20 Consumer surplus is the Select one: O A. price of a good expressed in dollars. O B. value of a good expressed in dollars. on O C. value of a good plus the price paid for it summed over the quantity bought. O D. value of a good minus the price paid for it summed over the quantity bought.
Table 4-1 PRICE $150 $120 $90 $ 60 $ 30 QUANTITY DEMANDED 10 30 50 70 90 QUANTITY SUPPLIED O a. $120 and 30 O b. $150 and 10 OC. $60 and 20 O d. $90 and 50 110 80 50 20 0 Refer to the table. What would the equilibrium price and quantity be? +
In the market for some good, demand decreases and supply decreases. What prediction would you make for this market? Select one: O a. Price rises. O b. Price falls. O c. Quantity falls. O d. Quantity rises.
28
An increase in consumer surplus is caused by O a price floor. O a price ceiling. O A higher equilibrium price. O lower cost of production
Refer to the figure at right. When the minimum imposed price is P₂, area A is O A. a transfer of consumer surplus to producer surplus. O B. the revenue that producers lose as a result of the imposed price. O C. a deadweight loss associated with the higher than equilibrium price. O D. all of the above. Price P₂ Po A 0₂ Qo Q2 Quantity
Choose the incorrect statement from the following: tion Select one: O a. Producer surplus is the area between the supply curve and the market price received. O b. Consumer surplus is the difference between the maximum price consumers are willing to pay and the minimum price producer O are willing to accept. Consumer surplus is the difference between consumers' willingness to pay and the actual market price paid. O d. Producer surplus is the price received for a good minus its MC, summed over the quantity sold.
Please give me correct and incorrect answer explanation
In the figure, at a temporary price of $4... Price: per Unit $4 $3 $2 0 S D Quantity O A. the demand curve will shift outward O B. the supply curve will shift backward O C. equilibrium will eventually occur at approximately $3.50 O D. a surplus occurs
50 Supply 45 40 35 W 30 25 20 15 Demand 10 100 200 300 400 500 600 700 800 900 1000 QUANTITY Refer to Figure 4-7. At what price would there be an excess demand of 600 units of the good? O $20 O $10 O $15 O $5 PRICE
The market demand curve O a. is always steeper than an individual demand curve. O b. shows how the total quantity demanded of a good varies as price varies. O c. is the demand curve for every product in an industry. O d. shows the relationship between price and the number of buyers in a market.

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Total surplus is the area O a. below the supply curve and above the price. O b. above the supply curve and below the price. O c. above the demand curve and below the price. O d. below the demand curve and above the supply curve. Oe. below the demand curve and above the price.