The following figure shows the demand curve, D, and supply curve, S, of ballpoint pens in Lithasia. The world price of pens is $2.
-Refer to the figure above.What is the producer surplus before Lithasia opens up to free trade?
Definitions:
Notify
To inform someone about something; to give notice.
Obligor
An individual or organization that is legally required to deliver a payment or service to another party as stipulated by a contract.
Assignment
The passage of control over assets, obligations, or rights from one person to another.
Donee Beneficiary
A third party who benefits from a contract made between two other parties, particularly when the contract's purpose is to give a gift to the third party.
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