Graph 9-10 -Using Graph 9-10, Fill-In the Answers for the Following Questions

question 23

Short Answer

Graph 9-10

-Using Graph 9-10, fill-in the answers for the following questions.
a. consumer surplus before trade would be area(s) _______________.
b. consumer surplus after trade would be area(s) _______________.
c. producer surplus before trade would be area(s) _______________.
d. producer surplus after trade would be area(s) _______________.
e. total surplus before trade would be area(s) ______________.
f. total surplus after trade would be area(s) ______________.

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Definitions:

Self-Fulfilling Prophecy

A belief or expectation that influences actions in a way that causes the belief to come true.

Meritocracy

A system or society wherein progress, success, and positions are achieved based on abilities and talent rather than on class privilege or wealth.

Flynn Effect

The observed substantial and long-term increase in both fluid and crystallized intelligence test scores measured in many parts of the world over the 20th century.

Generational Impact

The long-term effects and influences that one generation has on the future generations and societal structures.