The General Equation for a Straight Line Is Expressed As

question 26

Multiple Choice

The general equation for a straight line is expressed as.

• A)Y = bX - a
• B)Y = bX + a
• C)Y = X(b + a)
• D)Y = X(b - a)

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Definitions:

Producer Surplus

The gap highlighting the difference between the initial asking price by sellers for goods or services and the ultimately received price.

Specific Tax

A tax that is levied as a fixed amount per unit on a particular good or service.

Inelastic Demand

A situation where demand for a product or service is relatively unmoved or less sensitive to changes in price.

Elastic Supply

A situation where the quantity of a good supplied by producers changes significantly in response to a small change in price.