Table 4-13 -Refer to Table 4-13. the Equations Above Describe the Demand

question 197

Multiple Choice

Table 4-13

-Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units. What is the value of economic surplus in this market?

• A) $600 thousand
• B) $1,050 thousand
• C) $1,500 thousand
• D) $2,100 thousand

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Definitions:

Gene Flow

The transfer of genetic material from one population to another, enhancing genetic diversity.

Out of Africa Hypothesis

The theory proposing that modern humans originated in Africa before migrating to other parts of the world.

Mousterian Tool Tradition

A Stone Age technology associated with Neanderthals and early modern humans, characterized by specific types of stone flakes and tools.

Middle Paleolithic

Describes a period in human prehistory between 300,000 to 30,000 years ago, characterized by the development of Neanderthal cultures and significant advancements in tool technology.