Figure 6.3 -Refer to Figure 6.3.If the Price of One Hour of of One

question 15

Multiple Choice

Figure 6.3

-Refer to Figure 6.3.If the price of one hour of tutoring is $30,then producer surplus is

• A) $40.
• B) $30.
• C) $20.
• D) $10.

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Definitions:

Availability of Substitutes

The presence of alternative goods or services that consumers can switch to when prices rise or quality decreases, affecting market demand and competition.

Bus Service

A public or private system offering regular travel on established routes by buses for the transportation of individuals.

Bus Fares

The charges levied for traveling on a bus, typically based on the distance or zones traveled.

Revenues Dropped

A situation in which the total income generated by a business from its activities decreases compared to a previous period.