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Q: D1 Price K N D2 D3 Qty P.
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A:
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- Deadweight loss: Creates efficiency in markets when producers and consumers both agree to it. 2. is the difference between the total surplus occurring in a market and the maximum total surplus achievable. 3. is the loss in producer surplus from a price increase. 4. is the difference between the efficient quantity and the market quantity.If the current market price was $10, then Group of answer choices there would be a shortage of 600 units. there would be a surplus of 600 units. the market would be in equilibrium. there would be a surplus of 300 units. there would be a shortage of 300 units.The consumer surplus is negative when: a. The customer's maximum willingness-to-pay is below the price. b. The cost exceeds the price. C. The cost below the customer's willingness-to-pay. d. No other option is correct.
- Rank the points (K,L,M,N) according to increasing tax cost on consumers when the government imposes a tax on suppliers.Economic surplus is maximized in a competitive market when . options: The deadweight loss equals zero. All the options are correct. Quantity demanded is equal to quantity supplied. Marginal benefit equals marginal cost.The consumer surplus is positive when: a. The customer's maximum willingness-to-pay is below the price. b. The price exceeds the cost. c. The customer's maximum willingness-to-pay is above the price. d. Value creation is positive.