Suppose That a Market Is in Equilibrium

question 127

Multiple Choice

Suppose that a market is in equilibrium.The area between the market price and the supply curve is

• A)the deadweight loss.
• B)the value of trades not made.
• C)consumer surplus.
• D)total economic surplus.
• E)producer surplus.

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Definitions:

Army Corps of Engineers

A federal agency under the Department of Defense that provides public engineering, design, and construction management services, often related to water resources.

National Priority List

A list in the United States that identifies sites that are priorities for investigation and cleanup because they release or threaten to release hazardous substances.

Comprehensive Environmental Response, Compensation, and Liability Act

A U.S. federal law, established to clean up sites contaminated with hazardous substances and pollutants.

Alpha Particle

A type of ionizing radiation consisting of two protons and two neutrons, emitted from the nucleus of an atom during radioactive decay.