The Figure Below Shows the Supply and Demand Curves for Jeans

question 29

Multiple Choice

The figure below shows the supply and demand curves for jeans in Smallville. Suppose jeans initially sell for $60 per pair. If the price of jeans falls to $40 per pair, then total economic surplus will increase by ______ per day.

• A)$160
• B)$80
• C)$40
• D)$20

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