The Following Figure Shows the Demand and Supply Curves for Bottled

question 171

Multiple Choice

The following figure shows the demand and supply curves for bottled water.

-Refer to the figure above.If a price control is imposed at $8,what is the new consumer surplus in the market?

• A) $115
• B) $125
• C) $130
• D) $175

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Definitions:

Without Replacement

A sampling method where each selected unit is not put back into the population before the next draw, meaning no unit can be selected more than once.

Units

Fundamental quantities or measurements in terms of which other quantities are expressed in a system of measurement.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space if these events occur with a known constant rate and independently of the time since the last event.

Probability Of Occurrence

The likelihood that a specific event will happen, often expressed as a number between 0 and 1.