The Figure Below Shows the Supply and Demand Curves for Oranges

question 97

Multiple Choice

The figure below shows the supply and demand curves for oranges in Smallville. When this market is in equilibrium, total economic surplus is ________ per day.

• A)$0
• B)$80
• C)$160
• D)$320

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Definitions:

Buying Decision

The process and final determination made by consumers or organizations when choosing among different products, services, or suppliers.

Goodwill

An intangible asset that represents the value of a company's brand name, customer relationships, employee morale, and other factors that improve a company's business prospects.

Service to Customers

The act of providing support and assistance to buyers before, during, and after a purchase to ensure a satisfactory experience.

Salesperson's Success

The achievement of sales goals and objectives by a sales professional, often measured by sales volume, profitability, and customer satisfaction.