The diagram below shows supply, demand, and quantity exchanged of ...

[desireelg_7]

The diagram below shows supply, demand, and quantity exchanged of Monday matinee movie tickets. Assume it is a perfectly competitive market.



FIGURE 12-4

Refer to Figure 12-4. Suppose a disequilibrium price of $7.50 per movie ticket is imposed on this market. The total economic surplus is now ________, which is ________ than the total economic surplus generated at the allocatively efficient level of output.

◦ $125; $250 less
◦ $62.50; $125 less
◦ $187.50; $62.50 less
◦ $125; $125 less
◦ $187.50; $187.50 less

[knguyen]

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[desireelg_7]

Excellent

[recede]

Thanks for the timely response, appreciate it