Consider the Market for Socks

question 24

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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