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.

---

Definitions:

Translation

The process by which the sequence of bases in mRNA is converted into an amino acid sequence in proteins.

Initiation

The first phase in various biological processes, such as DNA replication, transcription, and translation, where the necessary components are assembled to begin the process.

Elongation

The process of lengthening or stretching something.

Termination

The process of ending something, such as the conclusion of a biological process or the halting of a chemical reaction.