Identify the area that represents producer surplus

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1. (a) Draw a simple demand curve and a simple supply curve. Label each curve and each axis. Identify the area that represents consumer surplus. Identify the area that represents producer surplus. (b) Describe briefly in words how a price floor can cause a “deadweight loss”. (c) Define “price discrimination” and list the three conditions that must be met for a firm to successfully practice price discrimination.

Reference no: EM13149856

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