00:01
All right, we're doing question number 34 from chapter 3.
00:02
It is asking, what is the relationship between economic efficiency and total surplus? and let's re -graph what we know surpluses.
00:16
Boom, boom.
00:17
Here's our, let's label this supply, demand, quantity, price.
00:23
Here, price.
00:25
Okay, here's our intersection, or rather our equilibrium.
00:32
And in an efficient economy, because remember this says economic efficiency, in an efficient economy, goods are sold at their equilibrium price.
00:39
They're not sold up here.
00:41
They're not sold down here.
00:43
They're not sold here...