Author Question: Refer to the table above. If only the two highest-value buyers and the two least-cost sellers engage ... (Read 117 times)

jlmhmf · **on:** Jun 29, 2018

Refer to the table above. If only the two highest-value buyers and the two least-cost sellers engage in trade, what is the social surplus?

A) 6
B) 10
C) 12
D) 20

Question 2

Refer to the figure above. What is the change in total revenue due to a price increase from 3 to 5?

A) The total revenue increases by 100.
B) The total revenue decreases by 100.
C) The total revenue increases by 200.
D) The total revenue decreases by 200.