Use the Figure Below to Answer the Following Questions

question 41

Multiple Choice

Use the figure below to answer the following questions. Figure 5.2.2
-Consider the demand curve in Figure 5.2.2.If the price rises from $4 to $11 a unit,consumer surplus

• A)decreases by $73.50.
• B)increases by $73.50.
• C)decreases by $21.00.
• D)increases by $21.00.
• E)decreases by $24.50.

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Definitions:

Capital

Financial assets or the financial value of assets, such as cash and goods, used by a business to produce goods and services and create wealth.

Labor

The use of human labor, be it physical or intellectual, in generating goods and services.

MRTS

Marginal Rate of Technical Substitution. It's the rate at which one input can be reduced for every increase in another input, keeping output constant.

Labor

The application of human physical and mental efforts in the creation and offering of goods and services.