Microeconomics
Microeconomics
11th Edition
ISBN: 9781260507041
Author: Colander, David
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 7.1, Problem 1Q
To determine

Explain what happens to consumer surplus and producer surplus if price moves to the equilibrium level. 

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Assume the equilibrium price in a free market for an office table is R320,00. If the price of the table moves up to R400,00, explain how the market for this piece of furniture moves from disequilibrium to equilibrium.
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