Which of the Following Is Correct

question 37

Multiple Choice

Which of the following is correct?

• A)Consumer surplus refers to a situation in which there are more buyers than sellers in a market.
• B)Producer surplus refers to a situation in which there are more sellers than buyers in a market.
• C)Total surplus is measured as the area below the demand curve and above the supply curve,up to the equilibrium quantity.
• D)All of the above are correct.

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Definitions:

Government Lotteries

State-run games of chance that allow participants to win monetary prizes based on randomly drawn numbers or symbols.

Tax Revenues

The income that is gained by governments through taxation, used to fund public expenditures.

States

Political entities characterized by a defined territorial area, a permanent population, a government, and the capacity to enter into relations with other states.

Government Employees

Individuals who work in various departments and agencies of the government and are responsible for implementing public policies and providing services to citizens.