The following illustrates the market response to reports that experts expect higher prices in the future. Prices increase from $2 to $3 (P1=2 and P2=3) and quantity increases from 50 to 70 (Q1=50 and Q2=75). Presuming the supply curve intersects at the origin (0,0), what is producer surplus at the new market equilibrium?Select one:a. $105b. $375c. $210d. $515
Market response
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