Author Question: FIGURE 5-5Refer to Figure 5-5. At the market-clearing price and quantity of $30 per hour and 4000 ... (Read 67 times)

meganh99 · **on:** Oct 12, 2022

FIGURE 5-5

Refer to Figure 5-5. At the market-clearing price and quantity of $30 per hour and 4000 hours of gardening services, we can say that

◦ economic surplus could be increased at a higher price because firms would generate more revenue.
◦ economic surplus could be increased at a lower price because there would be more value to consumers.
◦ the market is inefficient because there are some consumers who are not purchasing at this price.
◦ economic surplus is maximized and the market is efficient.
◦ the market is efficient because the government has imposed a market-clearing price and quantity.

Karla347 · **Reply #1 on:** Oct 12, 2022

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