(Figure: Determining Surplus) in the Graph, the Triangle Ijk Represents

question 179

Multiple Choice

(Figure: Determining Surplus) In the graph, the triangle ijk represents

• A) producer surplus.
• B) deadweight loss.
• C) transfer of producer surplus to consumers.
• D) consumer surplus.

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Definitions:

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity supplied at those prices.

Equilibrium Quantity

The quantity of goods or services supplied is equal to the quantity demanded at the market equilibrium price.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of that good that consumers are willing and able to purchase at various prices.

Supply Curve

A visual chart that illustrates how the quantity of a product or service provided correlates with its price over a specific time frame.