-Refer to the Diagram Above

question 173

Multiple Choice

-Refer to the diagram above.If producers all agree to raise the price of milk from $1.00 to $1.25,then which of the following is NOT true?

• A) Consumer surplus falls by $22.50.
• B) There would be a transfer of $20 worth of consumer surplus to the sellers compared to the previous equilibrium price.
• C) Producers' net gain in additional producer surplus is $20 compared to the previous equilibrium price.
• D) Producer surplus rises by $18.
• E) Some producers are better off and some producers are worse off.

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Definitions:

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