Use the Figure Below to Answer the Following Questions

question 57

Multiple Choice

Use the figure below to answer the following questions.

Figure 5.2.1
-Consider Figure 5.2.1. When the price is $4, what is the consumer surplus from the second unit of the good?

• A)$7
• B)$3
• C)$4
• D)$1
• E)$10

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Definitions:

Division of Labour

The allocation of different tasks to different people or groups in an organization or economy, aimed at increasing efficiency and productivity.

Standard Rules

Established guidelines or procedures that are followed within an organization to maintain consistency and order.

Safety Needs

Fundamental requirements for personal security, protection, and stability, as identified in Maslow's hierarchy of needs.

Stability

The condition in which a system, such as an economy or ecological system, remains consistent and balanced over time.