Use Figure 26.1 to answer the following questions.
Figure 26.1
-Which species are extinct?
Definitions:
Total Surplus
The sum of consumer and producer surplus, representing the total net benefit to society from the production and consumption of goods and services.
World Price
The international market price of a good or service, influenced by factors like supply and demand, tariffs, and trade agreements.
Exporting Steel
The act of selling and shipping steel from one country to another, contributing to international trade.
Price Per Ton
A measure of how much a good costs per ton; commonly used in material and commodity markets.
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