The Total Surplus Gained by All the Participants in a Competitive

question 37

Multiple Choice

The total surplus gained by all the participants in a competitive market is the area between the _____ up to the equilibrium level of output.

• A)demand curve and the equilibrium price line
• B)demand curve and the supply curve
• C)demand curve and the horizontal axis
• D)equilibrium price line and the horizontal axis

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Definitions:

Sigmund Freud

An Austrian neurologist who is known for founding psychoanalysis, a method for treating psychopathology through dialogue between a patient and a psychoanalyst.

Kinsey

Refers to Alfred Kinsey, an American biologist known for his research into human sexuality in the mid-20th century.

Masters and Johnson

Pioneering sex researchers who studied human sexual response and sexual disorders in the mid-20th century.

Ethnocentric Fallacy

The mistaken belief that the worldview of one's own culture is central and correct while those of other cultures are deviant or inferior.