Liz planned on opening a handmade quilt business in her hometown. However, after completing a/an _______, she decided to start w
ith an online business.
A.) advertising campaign
B.) market survey
C.) registration
D.) course in design
A.) advertising campaign
B.) market survey
C.) registration
D.) course in design
2 answers:
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Answer and Explanation:
From the diagram in the picture (please find attached) we see that the competitive price and quantity lies at the marginal cost( which the producer cannot go below). The consumer surplus lies just below the demand curve(the downward sloping curve with) and the producer surplus is above the marginal cost. Note the producer surplus is the difference between what the supplier is willing to sell and how much he actually sells, the marginal cost is the lowest the supplier would want to sell. This applies to the consumer surplus too
The producer surplus region was indicated with vertical strokes in the diagram attached
