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l 97 assume a market that has an equilibrium price...

Question: l 97 assume a market that has an equilibrium price...

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l. 97. Assume a market that has an equilibrium price of S7. If the market price is set at $3, which of the llowing is true? Some surplus is transferred from consumers to producers, but total surplus falls. B. All surplus is transferred from consumers to producers, and total surplus stays the same. C. Some surplus is transferred from producers to consumers, but total surplus falls. D. Some surplus is transferred from consumers to producers, causing total surplus to increase. 2. 98. Assume a market that has an equilibrium price of $5. If the market price is set at $9, producer surplus: A.)rises for some because of the increased price. decreases for some because of fewer transactions taking place. C. Both of these statements are true. D. Neither of these statements is true.

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