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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 the deadweight loss at the equilibrium price of $15?
A) $0
B) $40
C) $60
D) $100
Answer
This answer is hidden. It contains 1 characters.
Related questions
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Which of the following would be categorized as an opportunity cost?
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b. the cost of purchasing supplies for your house-cleaning business
c. the cost of purchasing auto insurance for your dry-cleaning delivery business
A) a only
B) a and c only
C) b and c only
D) all of the above