The Accompanying Graph Represents the Purely Competitive Market for a Product

question 213

Multiple Choice

The accompanying graph represents the purely competitive market for a product. When the market is at equilibrium, the consumer surplus would be represented by the area

• A)a + b + c + d.
• B)a + b + c.
• C)a.
• D)b + c.

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Definitions:

Allele

A variant of a gene that occurs due to mutation and is located at an identical location on a chromosome, representing one of two or more possible versions.

Genetic Drift

A mechanism of evolution that results in the change of the frequency of alleles in a population due to random sampling of organisms.

Evolution

The process by which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth.

Genetic Bottleneck

A genetic bottleneck is an event where a significant reduction in population size occurs, leading to a decrease in genetic diversity and a change in allele frequencies.