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The figure provided represents the domestic market for cars. A graph plots a demand and supply curve with Quantity of cars along the horizontal axis
The figure provided represents the domestic market for cars. A graph plots a demand and supply curve with Quantity of cars along the horizontal axis and Price of cars along the vertical axis. The demand curve has a negative slope, and the supply curve has a positive slope. The curves intersect at QA on quantity of cars, PA on price of cars. The area below the demand curve bounded by PW on price of cars is labeled as U. The area between PW and PA on price of cars bounded by QB on quantity of cars is labeled as V. The area below PA on price of cars bounded by QB on quantity of cars and the supply curve is labeled as Y. The area below the demand curve bounded by PA on price of cars and QB and QA on quantity of cars is labeled as W. The area below PA on price of cars, between QB and QA on quantity of cars, and bounded by the supply curve is labeled as Z. The area below PW on price of cars bounded by the demand and supply curves is labeled as X. After trade, at the world price of PW, total surplus is the area _____. W + X + Y + Z U + V + W + X + Y + Z V + W + X + Y + Z X + W + Z
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