Assume a Market That Has an Equilibrium Price of $7

question 6

Multiple Choice

Assume a market that has an equilibrium price of $7.If the market price is set at $3,which of the following is true?

• A)Some surplus is transferred from consumers to producers,but total surplus falls.
• B)All surplus is transferred from consumers to producers,and total surplus stays the same.
• C)Some surplus is transferred from producers to consumers,but total surplus falls.
• D)Some surplus is transferred from consumers to producers,causing total surplus to increase.

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