In a Market Diagram, Producer Surplus Is Shaped Like a Triangle

question 38

True/False

In a market diagram, producer surplus is shaped like a triangle bounded by the vertical axis, the demand curve, and the supply curve.

---

Definitions:

Exercise Jurisdiction

The act of applying or enforcing legal authority over a particular area, group, or issue.

More Convenient Forum

A legal doctrine allowing courts to transfer a case to a jurisdiction that is more suited for all parties involved or for the witnesses.

Lex Mercatoria

A body of commercial law and customs used by merchants throughout Europe during the medieval period, which still influences international trade law today.

Law of Merchants

Historical body of law originating from the practices of merchants and traders dealing with questions of commerce and trade.