Figure 7-11 -Refer to Figure 7-11.If the Supply Curve Is S',the Demand

question 36

Multiple Choice

Figure 7-11
-Refer to Figure 7-11.If the supply curve is S',the demand curve is D,and the equilibrium price is $150,what is the producer surplus?

• A)$625
• B)$1,250
• C)$2,500
• D)$5,000

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Definitions:

Liable Irrespective

The notion of being liable irrespective means being legally responsible for something regardless of certain conditions or factors that might otherwise influence or excuse the liability.

Intervening Cause

An event that occurs after a defendant's initial act of negligence and contributes to the harm, potentially relieving the defendant of some liability.

Unforeseeable Later Act

Events or actions that occur after a contract is executed, which could not have been anticipated by either party at the time of the contract.

Comparative Negligence

A legal doctrine used in tort law that reduces the amount of damages a plaintiff can recover based on the percentage of fault attributed to them.