In order to avoid problems involved with calculating percentage changes over a wide range, economists use the base or midpoint formula to calculate percentage changes when measuring the price elasticity of demand

The figure above shows Lauren's demand curve for Barbie dolls and the market price for Barbie dolls. Using the area of the consumer surplus triangle, Lauren's total consumer surplus from purchasing 3 dolls is

A) $5.50. B) $10.00. C) $22.50. D) $45.00. E) 3 dolls.

Free trade benefits all consumers and producers in a country

Indicate whether the statement is true or false