A,b, c consumer surplus, change in producer surplus, transfer of surplus from producer to customer

6. (4 Points) Assume the diagram below illustrates the domestic market for textiles in the United States. Use the diagram to answer the following questions. Price of textiles [$] Domestic Supply as in Car S $7 O P $5 world price tariff. 1 H $3 World Price B Domestic Demand 5 8 Quantity of textiles (millions) a. As compared to the situation where the US does not trade textiles with the rest of the world, what letter[s] in the diagram [if any] represent[s] the gain in US consumer surplus [CS]? S+0+ N +M th+K+J+I b. As compared to the situation where the US does not trade textiles with the rest of the world, what letter[s] in the diagram [if any] represent[s] the change in US producer surplus [PS]? G c. As compared to the situation where the US does not trade textiles with the rest of the world, what letter[s] in the diagram [if any] represent[s] the transfer of surplus from US producers to US consumers