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Question
Figure 4-3
Figure 4-3 shows the market for tiger shrimp. The market is initially in equilibrium at a price of $15 and a quantity of 80. Now suppose producers decide to cut output to 40in order to raise the price to $18.
Refer to Figure 4-3. What is the value of producer surplus at the equilibrium price of $15?
A) $80
B) $160
C) $240
D) $400
Answer
This answer is hidden. It contains 1 characters.
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