Use the Following to Answer Questions $\text {Table: Producer Surplus}$

question 155

Multiple Choice

Use the following to answer questions : $\text {Table: Producer Surplus}$
$\text {and Phantom Tickets}$
$\begin{array}{lr}\hline \text { Student } & \text { Willingness to Sell } \\\hline \text { Tim } & \$ 1 \\\text { Laura } & 30 \\\text { Whitney } & 50 \\\text { Ralph } & 100 \\\text { Rick } & 150 \\\hline\end{array}$

-The total producer surplus in the Ontario dairy market is the:

• A) sum of the individual producer surpluses in this market.
• B) sum of all prices paid multiplied by the number of litres of milk sold.
• C) total revenue of the milk producers in Ontario.
• D) total cost of selling milk in Ontario.

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Definitions:

Slope

In mathematics, the measure of the steepness or angle of a line, defined as the ratio between the rise and the run between two points on the line.

Rectangular Hyperbola

A type of curve, defined as the graph of an equation of the form xy = c, where c is a constant, representing certain economic relationships.

Demand Curve

A graph depicting the relationship between the price of a good and the quantity demanded, typically showing a downward slope.

Unit Elasticity

A situation in which the percentage change in quantity demanded or supplied is equal to the percentage change in price.