Solved

The Figure Below Shows the Supply and Demand Curves for Jeans

Question 68

Multiple Choice

The figure below shows the supply and demand curves for jeans in Smallville. The figure below shows the supply and demand curves for jeans in Smallville. Suppose jeans initially sell for $60 per pair. If the price of jeans falls to $40 per pair, then total economic surplus will increase by ________ per day. A) $160 B) $80 C) $40 D) $20 Suppose jeans initially sell for $60 per pair. If the price of jeans falls to $40 per pair, then total economic surplus will increase by ________ per day.


A) $160
B) $80
C) $40
D) $20

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q63: Factors of production are the most likely

Q64: Refer to the figure below. <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6547/.jpg"

Q65: Assume that all firms in this industry

Q66: Refer to the figure below. <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB6547/.jpg"

Q67: The figure below shows the supply and

Q69: The figure below depicts the short-run market

Q70: The figure below shows the supply and

Q71: The figure below shows the supply and

Q72: Suppose farmers in a given market can

Q73: If a firm is earning zero economic