Refer to Figure 1A.1. If the hours worked per week are 30, the income per week is

An increase in the market price of a product decreases producer surplus

a. True b. False Indicate whether the statement is true or false

Refer to Price Ceiling. After the price ceiling is imposed, consumers' surplus is equal to

The following questions refer to the accompanying diagram which shows the effects of a price ceiling. The initial price and quantity are P0 and Q0, respectively, and the price ceiling is imposed at the price P1. Assume that none of the potential deadweight loss can be avoided.

a. area A.
b. area A + B.
c. area A + B + D.
d. area A + B + C + D + E + F + G.