If the producer surplus in a market for a good is 36 and the consumer surplus in the market for the same good is 9, the social surplus in the market is ________.
A) 4
B) 27
C) 45
D) 324
Question 2
Hundreds of speculators conclude in May that the coming summer's corn crop will be much lower and that the November corn price will be consequently much higher than most people expect.
When they act on their beliefs in the futures market, they would strive to ________ corn futures, which would tend to ________ the price of corn futures. A) sell; reduce
B) sell; raise
C) buy, reduce
D) buy; raise
Wheat and Cotton Prices and Consumer Price Indexes, 1865–1896
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Main Hall, Trajan's Market