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Carson P.
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Microeconomics
TutorMe
Question:

Locate the Consumer Surplus and the Producer Surplus on the graph.

Carson P.
Answer:

Consumer Surplus: Above the equilibrium and below the supply curve Producer Surplus: Below the equilibrium and above the demand curve

Macroeconomics
TutorMe
Question:

Does change in GDP have on the equilibrium?

Carson P.
Answer:

Yes; a change in GDP results in a change in aggregate supply, thus shifting the equilibrium.

Economics
TutorMe
Question:

The point where supply and demand intersect is called the:

Carson P.
Answer:

Equilibrium

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