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…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 5QR

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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.