Figure 53 Figure 5

Multiple Choice

Figure 5.3 Figure 5.3 shows the market for tiger shrimp.The market is initially in equilibrium at a price of $15 and a quantity of 80.Now suppose producers decide to cut output to 40 in order to raise the price to $18.
-Refer to Figure 5.3.The value of producer surplus at the equilibrium price of $15 is

A) $80
B) $160
C) $240
D) $400