(Figure: Interpreting Surplus) in the Supply/demand Graph

question 13

Multiple Choice

(Figure: Interpreting Surplus) In the supply/demand graph

• A) consumer surplus is $50,000 and producer surplus is $100,000.
• B) total market surplus is $200,000.
• C) total market surplus is $50,000.
• D) consumer surplus is larger than producer surplus.

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Definitions:

Consumer Protection Agency

A governmental organization designed to protect consumers' rights and ensure fairness in the marketplace.

Maximize Profits

The primary goal of many businesses, which involves increasing the difference between the revenue generated and costs incurred by enhancing efficiency and market share.

Ergonomically Appropriate

Referring to designs or adjustments in the workplace that support the health and well-being of workers, aligning with principles of ergonomics to ensure safety and efficiency.

Corporate Social Action

Activities undertaken by businesses to further social goods beyond the interests of the company and that which is required by law.