Figure 7-4 -Refer to Figure 7-4.What Does Area a Represent

Multiple Choice

Figure 7-4

-Refer to Figure 7-4.What does area A represent

A) the increase in producer surplus to new producers entering the market as the result of price rising from P₁ to P₂
B) the increase in consumer surplus that results from new consumers entering the market as the result of price rising from P₁ to P₂
C) an increase in total surplus when sellers are willing and able to increase supply from Q₁ to Q₂
D) the increase in producer surplus to those producers already in the market when price rises from P₁ to P₂