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The consumer surplus and producer surplus.

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Step 1: To determine the consumer surplus and producer surplus. Explanation: When the consumer’s utility surpasses the price paid, then the consumer surplus is generated. Similarly, when producers receive a larger price than MC (marginal cost), then the producer surplus is formed. By producing up to the point where the marginal benefit (MB) is equal to the marginal cost (MC), both the consumer surplus and producer surplus can be determined.
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Question Text
The consumer surplus and producer surplus.
TopicAll Topics
SubjectEconomics
ClassGrade 10
Answer TypeText solution:1