Multiple Choice
The market demand curve for a popular teen magazine is given by Q = 80 - 10P where P is the magazine price in dollars per issue and Q is the weekly magazine circulation in units of 10,000. If the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue?
A) $2.00
B) $1.00
C) Zero
D) -$1.00
Correct Answer:
Verified
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