Regardless of Type, All Levers Follow the Same Basic Principle

question 19

True/False

Regardless of type, all levers follow the same basic principle: effort farther than load from fulcrum = mechanical advantage; effort nearer than load to fulcrum = mechanical disadvantage.

---

Definitions:

Consumer Surplus

The difference between the total amount that consumers are willing and able to pay for a good or service versus the total amount that they actually do pay.

Equilibrium

The condition where supply and demand in the market are equal, leading to stable prices.

Consumer Surplus

The disparity in amounts between what is potentially spent by consumers and what is actually spent on a good or service.

Demand Curve

A graphical representation that shows the relationship between the price of a good and the quantity demanded by consumers.