**Reference: Use the Following Figure to Answer the Next Four

question 37

Multiple Choice

**Reference: Use the following figure to answer the next four questions (24-27) .
-**Suppose the government sets a price ceiling of $50 in this market.What is the maximum level of consumer surplus with the price ceiling?

• A) 16,875
• B) 11,250
• C) 8,437.50
• D) 4,843.75

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Definitions:

Demand

The desire and willingness of consumers to purchase goods or services at a given price level.

Supply

The total amount of a product or service that is available to consumers at a given price point and time.

Technology

The application of scientific knowledge for practical purposes, especially in industry and improvements in tools, machines, techniques, and systems.

Personal Computers

Computing devices designed for individual use, capable of performing a wide range of tasks including word processing, internet browsing, and gaming.