Equilibrium price 36. 37. 32. In Multiple Choice Figure 4-1, consumer surplus is shown by a. area A b. area B c. area C d. area A+B 33. In Multiple a. area A 34. In Multiple a. area A b. area B c. area C d. area A+B 35. In Multiple Choice Figure 4-1, deadweight loss is shown by- a. area A b. area B c. area C d. area A+B a. b. C. d. Supply High price or CX Low Demand price Quantity Multiple Choice Figure 4-1 a. b. Bonus Questions "Last October, due to some early unexpected frost, the average price for a pumpkin increased by 10% compared to the average pumpkin price in previous Halloween seasons. The frost, it seems, destroyed more than just a small portion of the pumpkin crop in nearby states. As a result, the quantity demanded county-wide decreased from 2 million to 1.5 million." Based on this statement C. d. Choice Figure 4-1, producer surplus is shown by b. area B c. area C d. area A+ B Choice Figure 4-1, social surplus is shown by Supply demand was price inelastic demand was price elastic demand was unit elastic the demand curve had shifted to the right Demand At a local ice cream parlor, when the price was lowered by fifty cents on take-out half-gallons of all flavors, total revenue from the sale of chocolate decreased but total revenue from the sale of vanilla increased. This is a clear indication that there are more people who like vanilla than there are people who like chocolate the demand for chocolate is price inelastic and the demand for vanilla is price elastic the demand for chocolate is price elastic and the demand for vanilla is price inelastic the demand curve for chocolate has shifted leftward and the demand curve for vanilla has shifted rightward