Table 4-6 -Refer to Table 4-6.The Equations Above Describe the Demand and Describe

question 38

Multiple Choice

Table 4-6

-Refer to Table 4-6.The equations above describe the demand and supply for Chef Ernie's Sushi-on-a-Stick.The equilibrium price and quantity for Chef Ernie's sushi are $60 and 20 thousand units.What is the value of economic surplus in this market?

• A)$300 thousand
• B)$600 thousand
• C)$1,200 thousand
• D)$1,600 thousand

---

Definitions:

Laissez-faire Economics

An economic theory advocating minimal government intervention in the marketplace and allowing free interaction of supply and demand.

New Society

A concept or movement aimed at creating a social order differing from the current, often focusing on ideals of equality and justice.

Phonographs

Early mechanical devices invented for recording and playing back sounds, initially using cylindrical or disc-shaped records.

Celebrity Culture

A social phenomenon that focuses on the public's fascination with celebrities' personal lives, their influence, and their status in society.