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The graph illustrates how the quantity of a particular product that is
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Updated on: 17 Nov 2023, 12:46
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The graph illustrates how the quantity of a particular product that is supplied and demanded changes in response to changes in price. The equilibrium point is the price and quantity at which the production and consumption of that product will remain stable. Since both producer and consumer benefit from a transaction, either getting product value or profits, each earns "surplus" value.
Use the dropdown menus to complete the statement accurately, using the information provided in the diagram.
If the population were to increase, raising the demand curve higher (but not changing its shape), the consumer surpluses would , and the producer surplus would .