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What is the correct answer to questions 6,14,15 a. 6. Consumer surplus is equal to the Value to buyers - Amount paid by buyers. b.

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What is the correct answer to questions 6,14,15 image text in transcribed
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a. 6. Consumer surplus is equal to the Value to buyers - Amount paid by buyers. b. Amount paid by buyers - Costs of sellers. Value to buyers - Costs of sellers. d. Value to buyers - Willingness to pay of buyers. c. Figure 2 Price 300 275 250+ S 225 + 200 175 150 125+ 100 +- 75+ 50 25 3 50 75 100 129 130 175 200 Quang a. 14. Refer to Figure 2. If the supply curve is S, the demand curve is D, and the equilibrium price is $100, what is the producer surplus? $625 b. $1,250 $2,500 d. $5,000 c. a 15. Another way to think of the marginal seller is the seller who will accept the lowest price of any seller in the market. b. requires the highest price of any potential seller in the market. would leave the market first if the price were any lower. d. would leave the market last if the price falls. c

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