Use the Following to Answer Question

question 267

Multiple Choice

Use the following to answer question
Figure: Determining Surplus 5
-(Figure: Determining Surplus 5) According to the graph,at equilibrium,consumer surplus is ______ and producer surplus is ______.

• A) $400;$200
• B) $800;$400
• C) $20;$10
• D) 40 units;40 units

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Definitions:

Broad

Descriptive of something with a wide scope, extent, or range; may refer to concepts or physical objects that cover a large area or numerous subjects.

Triplet

A term used in quantum mechanics and spectroscopy to describe a system or state with three closely related energy levels, or a spin state of a molecule in which two unpaired electrons have parallel spins.

Test-Statistic

A value calculated from sample data during a hypothesis test that is used to determine whether to reject the null hypothesis.

Two-Tail Test

A statistical test that determines the significance of a parameter by considering both ends (tails) of the distribution to test for extreme values.