The Diagram Below Shows Supply,demand,and Quantity Exchanged of Monday Matinee

question 7

Multiple Choice

The diagram below shows supply,demand,and quantity exchanged of Monday matinee movie tickets.Assume it is a perfectly competitive market.
FIGURE 12- 4
-Refer to Figure 12- 4.Suppose a disequilibrium price of $7.50 per movie ticket is imposed in this market.The consumer surplus becomes _ and the producer surplus becomes .

• A)$31.25; $156.25
• B)$0; $62.50
• C)$2.50; $7.50
• D)$62.50; $250
• E)$62.50; $125

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Definitions:

Most Efficiently

Operating in a way that maximizes productivity or benefits while minimizing waste and costs.

Output

The total amount of goods and services produced by an economy, business, or machine in a given period.

MC Equals MR

A condition in economics where the marginal cost of producing an additional unit is equal to the marginal revenue received from selling that unit, often used to determine the optimal level of production in perfectly competitive markets.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded by consumers.