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Identify a good commonly purchased at a grocery store

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Reference no: EM132893546

Free markets generally lead to the greatest amount of combined producer and consumer surplus.

Question 1: Identify a good commonly purchased at a grocery store.

Question 2: Explain how a price change affects consumer surplus and producer surplus.

Question 3: Explain what would happen to producer and consumer surplus if the price were other than the market price.

Reference no: EM132893546

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