If Two Points on a Graph Are (0, 8) and (12,15)

question 65

Multiple Choice

If two points on a graph are (0, 8) and (12,15) :

• A)X is 0 when Y is 12.
• B)X and Y have a positive relation.
• C)the horizontal intercept is given by the point (0, 8).
• D)the slope of a line connecting the two points is negative.

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Definitions:

Long-Run Equilibrium

Long-run equilibrium occurs when all factors of production within a market are fully adjusted to the economic conditions, leading to a steady state where there is no tendency for change.

Consumer Surpluses

The difference between the total amount that consumers are willing to pay and the total amount that they actually pay for a good or service.

Producer Surpluses

The difference between the actual amount received by sellers and the minimum amount they would be willing to accept for their goods or services.

Allocative Efficiency

A state of the economy in which resources are apportioned in a way that maximizes the overall benefit to society.