Table 4-8 -Refer to Table 4-8. If These Are the Only Three

question 17

Multiple Choice

Table 4-8
-Refer to Table 4-8. If these are the only three sellers in the market, then an increase in the market price from $6 to $12 will increase quantity supplied by

• A)12 units.
• B)24 units.
• C)36 units.
• D)48 units.

---

Definitions:

Total Surplus

The sum of consumer surplus and producer surplus in a market, representing the total net benefits to all participants in the market transaction.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded by consumers at those prices.

Supply Curve

A graphical representation showing the relationship between the quantity of a good that producers are willing to sell and the price of the good.

Consumer Surplus

The distinction between the total consumers are prepared to spend on a good or service and the actual amount they pay.