The Figure Below Shows the Supply and Demand Curves for Oranges

question 75

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:

Environmental Quality

The condition of the natural environment and its ability to sustain life, maintain ecological processes, and support biodiversity.

Wealthy Countries

Wealthy countries are nations with a high level of income per capita, advanced infrastructure, and a strong standard of living.

Competitive Market

A market structure where many firms offer products or services that are similar, allowing consumers to have choices, driving prices down.

Resource Use

The way in which human societies utilize natural resources to fulfill their needs and wants.