Figure 7-24 -Refer to Figure 7-24.At Equilibrium,consumer Surplus Is Measured by the Measured

question 32

Multiple Choice

Figure 7-24
-Refer to Figure 7-24.At equilibrium,consumer surplus is measured by the area

• A)AHG.
• B)AFB.
• C)ABD.
• D)BDF.

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Definitions:

Valuable Consideration

Any benefit, right, or interest that has tangible or intangible worth, which is provided by one party to another as part of a contract.

Reasonable Value

An estimated worth based on what is fair and sensible, considering the circumstances and context.

Necessaries

Items or services that are considered essential for maintaining a reasonable standard of living, such as food, clothing, and shelter.

Emancipation

The legal process through which a minor becomes self-supporting and assumes adult responsibility for their welfare.