-The Above Diagram Represents A

question 80

Multiple Choice

-The above diagram represents a:

• A) mixed closed economy.
• B) mixed open economy.
• C) private closed economy.
• D) private open economy.

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Definitions:

Consumer Surplus

The discrepancy between the full amount consumers intend and have the means to pay for a good or service and the amount they genuinely pay.

Blue Jeans

A type of trousers made from denim or dungaree cloth, often considered a symbol of American culture.

Tax

A mandatory monetary fee or different kind of charge placed on a taxpayer by government authorities to finance government operations and diverse public expenses.

Consumer Surplus

The divergence between the amount consumers are prepared to pay and the amount they actually pay for a good or service.