Assume the Market Depicted in the Graph Is in Equilibrium

question 53

Multiple Choice

Assume the market depicted in the graph is in equilibrium. What is total surplus?

• A) $72
• B) $90
• C) $50
• D) $130

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Definitions:

Safety Needs

Second level in Maslow's hierarchy of needs, regarding an individual's requirement for security, protection, and stability in their environment.

Health Insurance Policy

A contract that requires an insurer to pay some or all of a person’s healthcare costs in exchange for a premium.

Physiological Needs

Basic human requirements for survival, such as food, water, shelter, and sleep, situated at the bottom of Maslow's hierarchy of needs.

Water, Food, Shelter

Basic human needs essential for survival, including clean drinking water, adequate nutrition, and secure housing.