-In the Figure Above,if the Market Is at Equilibrium,then the Total

question 168

Multiple Choice

-In the figure above,if the market is at equilibrium,then the total consumer surplus equals the area ________ and the total producer surplus equals the area ________.

• A) A; B
• B) B; C
• C) C; B
• D) A; C
• E) A + B; C

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Definitions:

Income

The financial gain or revenue received by an individual or entity, typically through wages, investments, or business operations.

Prices

The amount of money expected, required, or given in exchange for goods or services.

Marginal Rate

The rate of change in cost or benefit resulting from a particular increase in volume or activity.

Consumption

The use of goods and services by households, which is a primary component in calculating a country's gross domestic product (GDP).