What area on a supply and demand graph represents consumer surplus?
What will be an ideal response?
Consumer surplus is the area below the demand curve and above the market price.
Economics
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The long-run equilibrium for a perfectly competitive firm occurs at the minimum point of the ________
A) total fixed cost curve B) average fixed cost curve C) average total cost curve D) marginal cost curve
Economics
Figure 4-8
Refer to . The supply curve S1 and the demand curve D indicate initial conditions in the market for soft coal. A $40-per-ton tax on soft coal is levied, shifting the supply curve from S1 to S2. Imposing the tax increases the equilibrium price of soft coal from
a.
$20 to $60 per ton.
b.
$20 to $50 per ton.
c.
$50 to $60 per ton.
d.
$50 to $90 per ton.
Economics