Consider the Market for Socks

question 136

Multiple Choice

Consider the market for socks.The current price of a pair of plain white socks is $5.00.Two consumers,Jeff and Samir,are willing to pay $7.25 and $8.00,respectively,for a pair of plain white socks.Two sock manufacturers are willing to sell plain white socks for as little as $4.00 and $4.15 per pair.What is the total producer and consumer surplus (i.e. ,social welfare) in this market?

• A) $7.10
• B) $5.25
• C) $1.85
• D) $23.40
• E) $4.50

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Definitions:

Laparoscopy

A minimally invasive surgical procedure that uses a laparoscope to view and operate on the organs inside the abdomen or pelvic area.

Culdoscopy

A diagnostic procedure that examines the female pelvic organs by inserting an endoscope through the vaginal wall.

Mammography

A specialized X-ray technique used to examine the breast for the early detection of cancer and other breast diseases.

Genitalia

The male or female reproductive organs, including both the external parts (such as the penis or vulva) and internal structures (such as the ovaries or testes).