The Equilibrium Point in the Market Is Where S and D

question 82

Multiple Choice

The equilibrium point in the market is where S and D curve intersect. Refer to the graph above. At equilibrium, consumer surplus would be represented by the area:

• A) a + b
• B) a + b + c
• C) a
• D) b + c

---

Definitions:

Feudal System

A social and economic system in medieval Europe where land was owned by lords who provided protection and land to vassals in exchange for military service and other duties.

Nobles

Members of a social class that is a step below royalty and generally has hereditary titles or honors.

Priesthood

The office or position of a priest in a religious context, entailing certain duties and responsibilities pertaining to worship and community guidance.

Cytokines

Small proteins important in cell signaling, playing a key role in the immune system’s responses to infection and inflammation.