Consider the Market for Socks

Multiple Choice

Consider the market for socks.The current price of a pair of plain white socks is $5.00.Two consumers,Jeff and Samir,are willing to pay $7.25 and $8.00,respectively,for a pair of plain white socks.Two sock manufacturers are willing to sell plain white socks for as little as $4.00 and $4.15 per pair.What is the total surplus (i.e.,producer and consumer surplus) in this market?

A) $7.10
B) $5.25
C) $1.85
D) $23.40
E) $4.50