-In the Figure Above, When Production Is 3 Units with a Price

question 45

Multiple Choice

-In the figure above, when production is 3 units with a price of $3, the producer surplus in this market equals

• A) a + b + f + g + h + i.
• B) f + g.
• C) b + g.
• D) a + b + f + g.

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Definitions:

Industry

A sector of the economy that is made up of manufacturing, production, or provision of services within a specific domain of activity or expertise.

Marginal Revenue

The supplementary income received from the sale of an additional unit of a product or service.

Price

The money value projected, needed, or surrendered in purchase of something.