Respond to the following by using the graph given at the last:

a. The market or equilibrium price is $????__________.

b. The economic value of the 10,000th unit is $__________, and the minimum price producers will accept to produce this unit is $__________.

c. When 10,000 units are produced and consumed, total consumer surplus is $__________, and total producer surplus is $__________.

d. At the market price in part a, the net gain to consumers when 10,000 units are purchased is $__________.

e. At the market price in part a, the net gain to producers when they supply 10,000 units is $__________.

f. The net gain to society when 10,000 units are produced and consumed at the market price is $__________, which is called __________.

g. In market equilibrium, total consumer surplus is $__________, and the total producer surplus is $__________.

h. The net gain to society created by this market is $__________.

Price (dollars) 60 52.50 50 42.50 40 37.50 30 20 15 10 0 1 T I 10,000 T 1 15,000 20,000 S 30,000 40,000 Quantity demanded and supplied D 50,000 60,000