As per the graph given below: Match List-I with List-II
Choose the correct answer from the options given below: |
(A)-(III), (B)-(IV), (C)-(I), (D)-(II) (A)-(IV), (B)-(III), (C)-(II), (D)-(I) (A)-(III), (B)-(I), (C)-(IV), (D)-(II) (A)-(I), (B)-(II), (C)-(III), (D)-(IV) |
(A)-(III), (B)-(I), (C)-(IV), (D)-(II) |
The correct answer is Option (3) → (A)-(III), (B)-(I), (C)-(IV), (D)-(II) (A) Consumers Surplus → $s$ Consumer surplus is the difference between what a consumer is willing to pay (demand curve) and what they actually pay (market price). It is represented as $s$, i.e., the surplus enjoyed by consumers. (B) Supply function → $y = g(x)$ The supply function shows the relationship between quantity supplied and price. It is usually written as $y = g(x)$, where $y$ is quantity supplied and $x$ is price. (C) Demand function → $y = f(x)$ The demand function shows the relationship between quantity demanded and price. It is represented as $y = f(x)$, where $y$ is quantity demanded and $x$ is price. (D) Equilibrium point → $v$ The equilibrium point occurs where demand equals supply, i.e., $f(x) = g(x)$. At this point, both buyers and sellers are satisfied. It is represented by $v$ in the list. |