Fill in the Blanks

question 20

Short Answer

Fill in the blanks.
 

$\begin{array}{l}\hline { \text { Pulley A } }\quad\quad\quad\quad\quad\quad \text { Pulley B } \\\begin{array}{ | l | l | l | l | } \hline \text { Diameter } & \mathrm{rpm} & \text { Diameter } & \mathrm{rpm} \\\hline 41 \mathrm{~cm} & 460 & {\mathrm{cm}} & 820 \\\hline 15 \mathrm{~cm} & 900 & 72 \mathrm{~cm} & \\\hline\end{array}\end{array}$

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Definitions:

Consumer Surplus

The difference in the total expected payment consumers are ready to make for a good or service and their actual expenditures.

Producer Surplus

The difference between the actual amount received by sellers for a product and the least amount they would be willing to accept, representing the net benefit to producers.

Excess Supply

Occurs when the quantity of a good or service supplied is greater than the quantity demanded, often leading to a decrease in price.

Minimum Wage

The lowest legal salary that employers can pay their workers, established by government laws.