Assume the Market Was in Equilibrium in the Graph Shown

question 25

Multiple Choice

Assume the market was in equilibrium in the graph shown. If the market price gets set to $14, which of the following is true?

• A) Some consumers gain surplus, but total surplus falls.
• B) Some producers gain surplus, but total surplus falls.
• C) Some producers lose surplus, but total surplus rises.
• D) Some consumers lose surplus, but total surplus rises.

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Definitions:

Class Conflict

The tension or antagonism which exists in society due to competing socioeconomic interests and desires between people of different classes.

Idealism

The belief that the human mind and consciousness are more important in understanding the human condition than is the material world.

Alienation

The feeling of being isolated or disconnected from one’s social surroundings, work, or sense of self, often discussed in sociology and psychology.

Rehabilitative Facilities

Institutions designed to help individuals recover and rehabilitate, often from physical injuries, substance abuse, or criminal behavior, through therapy and support.