2) Figure 7-20 (1.67 pts) Prior SEM CORD Refer to Figure 7-20. For quantities greater than...

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2) Figure 7-20 (1.67 pts) Prior SEM CORD Refer to Figure 7-20. For quantities greater than N, the value to the marginal buyer

business economics

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Answer 1

Answer #1

a) "C"

Increasing the quantity more than M will increase the value to the consumer and decrease the value to the seller in the market, so decreasing the quantities will increase the total surplus in the market. At M there is a highest total surplus.

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2) Figure 7-20 (1.67 pts) Prior SEM CORD Refer to Figure 7-20. For quantities greater than...

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2) Figure 7-20 (1.67 pts) Prior SEM CORD Refer to Figure 7-20. For quantities greater than...