Assume the Market Depicted in the Graph Is in Equilibrium

question 72

Multiple Choice

Assume the market depicted in the graph is in equilibrium. If the market price is set to $12, which of the following statements is true?

• A) For those still interacting in the market, some surplus will be transferred from buyer to seller.
• B) For those still interacting in the market, some surplus will be transferred from seller to buyer.
• C) Producers will gain the surplus of those buyers who drop out of the market.
• D) Consumers will gain the surplus of those sellers who drop out of the market.

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Definitions:

Visually

Relating to seeing or sight, often involving the ability to interpret and understand information presented in a visual form.

Dependent Variable

The dependent variable is the variable in an experiment that is being measured and is expected to change as a result of manipulations to the independent variable.

Memorizing Strategies

Techniques or methods used to aid in the absorption, retention, and recall of information.

Different Groups

Refers to various categorizations of individuals based on criteria such as characteristics, interests, beliefs, or demographics.