Question #1 (24pts): The eight competitive market graphs below share the same Supply (S) &

Demand (D) curves, and the same equilibrium at P? = 10 and Q? = 8. The graphs highlight and

label different areas. (In case it's difficult to read the labels on any graph, the labels also appear

below.) Under the heading of Correct/Incorrect?, write whether the label is CORRECT or

INCORRECT for each of the 8 graphs.

\fGraph Label CS=16, PS=24 Cost to Suppliers=80 Payment by Consumers=80 Cost to Suppliers=56 Value of Goods Received by Consumers=96 Value of Goods Received by Consumers=16 Gains to Trade=96 Gains to Trade=40 Labels Correct/Incorrect