Producer surplus is a. the area under the supply curve to the left of the amount sold. Suppose the U.S. government imposes a strict restriction on the quantity of German steel sold in the United States. This restriction states the maximum amount of German steel that the government would allow to be supplied in the U.S. market. If the quantity restriction is less than the equilibrium quantity, then in the U.S. market for German steel we can be certain that a. consumer surplus will fall. All of the above are correct.
Workers can grow food or build homes.
Defend your answers carefully. Coffee and tea are substitutes and coffee beans are used to make coffee. Suppose the price of coffee beans rises. Defend your answers carefully. In a demand and supply diagram, label the equilibrium quantity of computers Q1 and the equilibrium price P1.