Transcript Chapter 6 Figures

Efficiency and
Fairness of Markets
INTERACTIVE FIGURES
CHAPTER
6
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Figure 6.1(a)
Demand, Willingness to Pay, and Marginal
Benefit: Price Determines Quantity Demanded
Figure 6.1(b)
Demand, Willingness to Pay, and Marginal
Benefit: Quantity Determines Willingness
to Pay
Figure 6.2
A Consumer’s Demand and Consumer
Surplus
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Figure 6.3(a)
Supply, Minimum Supply Price, and Marginal
Cost: Price Determines Quantity Supplied
Figure 6.3(b)
Supply, Minimum Supply Price, and Marginal
Cost: Quantity Determines Minimum Supply
Price
Figure 6.4
A Producer’s Supply and Producer Surplus
Figure 6.5
An Efficient Market for Pizza
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Figure 6.6(a)
Underproduction and Overproduction:
Underproduction
Figure 6.6(b)
Underproduction and Overproduction:
Overproduction
Table 6.1
Market Inefficiencies and Some
Possible Remedies