Explain What Happens to the Amount of Consumer Surplus and Producer

question 105

Multiple Choice

Explain what happens to the amount of consumer surplus and producer surplus when the supply of scarves suddenly declines (shifts left) .

• A) Producer surplus declines and consumer surplus is unchanged.
• B) Consumer surplus declines and producer surplus is unchanged.
• C) Consumer surplus declines and producer surplus declines.
• D) Consumer surplus is unchanged and producer surplus is unchanged.
• E) Producer surplus increases and consumer surplus increases.

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