Multiple Choice
Figure 3-21
Refer to Figure 3-21. At the quantity Q 3,
A) the market is in equilibrium.
B) consumer surplus is maximized.
C) the sum of consumer surplus and producer surplus is maximized.
D) the value to buyers is less than the cost to sellers.
Correct Answer:

Verified
Correct Answer:
Verified
Q2: If there is an increase in both
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