Assume the Market Depicted in the Graph Is in Equilibrium

question 34

Multiple Choice

Assume the market depicted in the graph is in equilibrium. Total surplus consists of area(s) :

• A)A + B + C.
• B)B.
• C)A.
• D)A + B.

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Definitions:

Charitable Purposes

Activities undertaken with the aim of providing relief to the poor, advancing education, or other acts benefiting the community without profit motive.

Formalities

Specific procedures or requirements that must be observed in legal transactions, such as contracts or the execution of a will.

Void

A term describing a contract or legal agreement that has no legal effect and cannot be enforced by law.

Bequest

In a will, a gift of personal property or money. Also called a legacy.