-The Slope of the Line Shown in the Above Figure

question 104

Multiple Choice

-The slope of the line shown in the above figure is

• A) 3/4.
• B) 2/3.
• C) 1 1/3.
• D) 1 3/4.

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Definitions:

Consumer Surplus

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

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive.

Producer Surplus

The difference between what producers are willing to accept for a good versus what they actually receive, often seen as a measure of producer welfare.

Consumer Surplus

The disparity between the cost consumers are prepared to pay for a good or service and the cost they actually encounter.