What is consumer surplus when the market is in equilibrium

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Reference no: EM131402218

Use the graph below to answer the following questions:

a. What are equilibrium price and quantity?

b. What is producer surplus when the market is in equilibrium?

c. What is consumer surplus when the market is in equilibrium?

d. If price were held at $12 a unit, what are consumer and producer surplus?

Reference no: EM131402218

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