Figure 7-22 -Refer to Figure 7-22.At the Quantity Q3

question 24

Multiple Choice

Figure 7-22

-Refer to Figure 7-22.At the quantity Q3,

• A) the market is in equilibrium.
• B) consumer surplus is maximized.
• C) the sum of consumer surplus and producer surplus is maximized.
• D) the marginal value to buyers is less than the marginal cost to sellers.

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Definitions:

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