Use the Following Figure to Answer the Questions : Figure

question 73

Multiple Choice

Use the following figure to answer the questions : Figure 10-4 : shows the intersection of the demand and supply curves for a commodity in the domestic market at price P₂ and quantity Q₂,in the absence of trade.With trade,the supply curve shifts to Supply_trade.
-Refer to Figure 10-4.In the absence of trade,the total producer surplus is given by _____.

• A)f + g + j
• B)f + g + h + j
• C)f + g + h + i
• D)f + g + h + i + j

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Definitions:

Capital

Economic resource that is used to produce goods and services, including buildings, machinery, and equipment.

Financial Assets

Resources having economic value that are held by an individual or corporation, primarily including stocks, bonds, and cash equivalents.

Entrepreneur

A profit-seeking decision maker who starts with an idea, organizes an enterprise to bring that idea to life, and assumes the risk of the operation

Profit

Reward for entrepreneurial ability; sales revenue minus resource cost.