Use the Following to Answer Questions

Multiple Choice

Use the following to answer questions:
Figure: Price and Quantity 3
-(Figure: Price and Quantity 3) Which of the following statements is TRUE at a market's equilibrium price and quantity?
I. Consumer surplus plus producer surplus is maximized.
II. Goods are purchased by buyers who value them the most.
III. The lowest-cost producers manufacture the goods.
IV. The gains from trade are minimized.

A) I and IV only
B) II and III only
C) I, II, and III only
D) I, II, III, and IV