Figure 9-1 Figure 9-1 Shows the U.S. Demand and Supply for Leather

Multiple Choice

Figure 9-1

Figure 9-1 shows the U.S. demand and supply for leather footwear.
-Refer to Figure 9-1.Suppose the government allows imports of leather footwear into the United States.The market price falls to $24.What areas represent consumer surplus and domestic producer surplus?

A) Consumer surplus = R + S; producer surplus = V.
B) Consumer surplus = R + S + T + U; producer surplus = V.
C) Consumer surplus = R + S + T + U; producer surplus = V + W + X + Y.
D) Consumer surplus = R + S + T; producer surplus = W + X + Y.