In the above figure, if the price is $1.25 per gallon of milk and 5 million gallons are produced and consumed, then the consumer surplus is ________ and the producer surplus is ________
A) $3.125 million; $3.125 million
B) $12.5 million; $12.5 million
C) $6.25 million; $6.25 million
D) None of the above answers are correct.
A
Economics
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National income equals
A) wages + salaries + corporate profits + net income. B) compensation of employees + proprietors' income + corporate profits + rental income + net interest. C) compensation of employees + proprietors' income + indirect business taxes + rental income + net interest. D) the monetary value of fringe benefits + tips + wages + profits + salaries. E) none of the above
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