​The Following Graph Shows the Demand and Supply Curves of a Resource

question 2

Multiple Choice

​The following graph shows the demand and supply curves of a resource. The opportunity cost of the resource in equilibrium equals _____. Figure 11.2

• A)$40
• B)$60
• C)$100
• D)$700
• E)$300

---

Definitions:

Sellers

Sellers refer to individuals or entities that offer goods or services for sale to consumers or other businesses in the market.

Buyers

Participants in the market who purchase goods or services for consumption or investment.

Tax

A required payment to a governmental authority, derived from income, property, sales, and other sources, used to fund public services and obligations.

Demand Curve

A chart depicting how the price of a product correlates with the amount of it that buyers are prepared and can afford to buy at different price points.