Assume the Market Was in Equilibrium in the Graph Shown

question 1

Multiple Choice

Assume the market was in equilibrium in the graph shown. If the market price were set to $12, which of the following is true?

• A) For those still interacting in the market, some surplus is transferred from buyer to seller.
• B) For those still interacting in the market, some surplus is transferred from seller to buyer.
• C) Producers gain the surplus of those buyers who dropped out of the market.
• D) Consumers gain the surplus of those sellers who dropped out of the market.

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Definitions:

ICD-9-PCS

An abbreviation for the International Classification of Diseases, Ninth Revision, Procedure Coding System; a system used in the United States to classify medical procedures.

ICD-10-PCS

An international system for coding medical procedures and services, facilitating the classification and billing of healthcare interventions.

HCPCS Level II Codes

Codes used in the healthcare industry in the United States to identify products, supplies, and services not included in the CPT coding system, especially for Medicare and Medicaid patients.

CPT Codes

Current Procedural Terminology codes, a set of medical codes used to report medical, surgical, and diagnostic procedures and services.