Against What Country Did Prussia Fight in the Third and Final

question 14

Multiple Choice

Against what country did Prussia fight in the third and final war of German unification in 1870?

• A) Denmark.
• B) Austria-Hungary.
• C) Italy.
• D) France.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive, measured by the area above the supply curve and below the price level.

Demand

The desire to purchase goods and services backed by the ability and willingness to pay a certain price.

Consumer Surplus

The gap between the total price consumers are ready and able to spend on a good or service and what they actually spend.

Willingness To Pay

The maximum amount an individual is prepared to spend to acquire a good or service.