Refer to Figure 19

question 128

Multiple Choice

Refer to Figure 19.1.The total consumer surplus in this market is equal to

• A) $950.
• B) $900.
• C) $850.
• D) $800.

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Definitions:

Economic Behavior

The actions or decisions that individuals, households, businesses, and governments make in regard to the allocation of resources.

Forgo

To give up or abstain from something. In economic terms, this often refers to the opportunity cost of choosing one option over another.

Budget

An estimate of income and expenditure for a set period, often used by governments, organizations, or individuals to plan financial operations.