Economics Homework Help

BC Free Markets Producer and Consumer Surplus Discussion

 

I need help with a Economics question. All explanations and answers will be used to help me learn.

Free markets generally lead to the greatest amount of combined producer and consumer surplus.

Identify a good commonly purchased at a grocery store.

Explain how a price change affects consumer surplus and producer surplus.

Explain what would happen to producer and consumer surplus if the price were other than the market price.