Answer
The total surplus is the area between the demand and supply curves.
Work Step by Step
The total surplus is shown in yellow.
Microeconomics: Principles, Applications, and Tools (8th Edition)
by O'Sullivan, Arthur; Sheffrin, Steven; Perez, Stephen
Published by
Prentice Hall
ISBN 10:
0-13294-886-9
ISBN 13:
978-0-13294-886-9
Chapter 6 - Market Efficiency and Government Intervention - Exercises - 6.4 Controlling Quantities - Licensing and Import Restrictions - Page 149: 4.8b
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