Refer to the Graph Shown

question 4

Multiple Choice

Refer to the graph shown. In equilibrium, consumer surplus is equal to:

• A) 600.
• B) 1,200.
• C) 1,400.
• D) 2,000.

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Definitions:

Deposit

Money placed in a financial institution for safekeeping, which can earn interest and is often used to secure transactions.

Balance

The total amount of funds in an account or the difference between the total debits and credits in an account.

Account

A record summarizing all the transactions pertaining to a single thing in the accounting world, such as a specific person, a business entity, or a specific asset.

Collection Float

The time period between when a check is deposited into a bank account and when the amount is made available.