(Figure: the Import­Competing Industry) If the Demand for the Product

question 5

Multiple Choice

(Figure: The Import­Competing Industry) If the demand for the product
Increases and the new equilibrium price is 30 and quantity is 50, what is
The increase in producer surplus?

• A)$625
• B)$550
• C)$255
• D)$370

---

Definitions:

Subjective Concept

An idea or notion based on personal opinions, interpretations, points of view, or emotions.

Personal Preferences

Individual choices or tastes based on subjective factors, often determining decision-making in various aspects of life.

Value Judgments

Assessments based on personal views about the worth, beauty, or goodness of something rather than on measurable criteria.

Objective Concept

A notion or idea based on factual and measurable evidence rather than personal feelings or opinions.