Refer to the Table

question 152

Multiple Choice

Refer to the table.In a choice between the highway and the lighthouse,

• A)a majority of voters favor the lighthouse.
• B)a majority of voters favor the highway.
• C)the voters are indifferent between the two.
• D)no voter decision is possible.

---

Definitions:

Total Profit

The overall financial gain made by a business after subtracting all costs from the total revenue.

Producer Surplus

The difference between the amount producers are willing to accept for a good or service compared to what they actually receive, due to market price.

Equilibrium

refers to a state in a market where supply equals demand, and in the broader sense, it's a condition where all forces acting on a system are balanced.

Consumer Surplus

Consumer surplus is the difference between the total amount that consumers are willing and able to pay for a good or service and the total amount they actually pay.