Table 7-1 -Refer to Table 7-1. If Price of the Product Is

question 470

Multiple Choice

Table 7-1
-Refer to Table 7-1. If price of the product is $135, then the total consumer surplus is

• A)$-50.
• B)$-35.
• C)$15.
• D)$150.

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Definitions:

Sole Proprietorship

A business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.

Communist

A political and economic ideology advocating for a classless society, where property and resources are communally owned.

Socialist

Pertaining to a political and economic theory advocating for the means of production, distribution, and exchange to be owned or regulated by the community as a whole.

Political Systems

Political systems refer to the set of formal legal institutions that constitute a government or a state.