1. 3 SUPPLY AND DEMAND II: MARKETS AND WELFARE

2. Copyright © 2004 South-Western 7 Consumers, Producers, and the Efficiency of Markets

3. Table 1 Four Possible Buyers’ Willingness to Pay Copyright©2004 South-Western

4. Figure 1 The Demand Schedule and the Demand Curve Copyright©2004 South-Western

5. Figure 1 the Demand Schedule and the Demand Curve

6. Copyright©2004 South-Western Figure 2a Measuring Consumer Surplus with the Demand Curve

7. Copyright©2004 South-Western Figure 2b Measuring Consumer Surplus with the Demand Curve

8. Copyright©2004 South-Western Figure 3a How the Price Affects Consumer Surplus

9. Copyright©2004 South-Western Figure 3b How the Price Affects Consumer Surplus

10. Table 2 The Costs of Four Possible Sellers Copyright©2004 South-Western

11. Figure 4 The Supply Schedule and the Supply Curve

12. Copyright©2004 South-Western Figure 4 The Supply Schedule and the Supply Curve

13. Copyright©2004 South-Western Figure 5a Measuring Producer Surplus with the Supply Curve

14. Copyright©2004 South-Western Figure 5b Measuring Producer Surplus with the Supply Curve

15. Copyright©2004 South-Western Figure 6a How the Price Affects Producer Surplus

16. Copyright©2004 South-Western Figure 6b How the Price Affects Producer Surplus

17. Copyright©2004 South-Western Figure 7 Consumer and Producer Surplus in the Market Equilibrium

18. Copyright©2004 South-Western Figure 8 The Efficiency of the Equilibrium Quantity