Assume the Market Depicted in the Graph Is in Equilibrium

question 13

Multiple Choice

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

• A)$40
• B)$64
• C)$80
• D)$160

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Definitions:

Technological Improvement

Innovations and advancements in technology that enhance productivity, efficiency, or the quality of goods and services.

Wage Increase

An upward adjustment in the amount of money paid to an employee for their labor.

Workers' Union

An organization that represents the collective interests of employees, negotiating wages, work hours, and working conditions with employers.

Relative Price

The price of one good or service compared to another, usually considered in terms of opportunity cost.