Suppose that demand for and supply of a commodity in a market are shown on a graph with price on the vertical axis and quantity on the horizontal axis. The y-intercept of the demand curve is equal to $30. The equilibrium price and quantity are $20 and 300 units respectively. What is the total consumer surplus in the market?
A) $2,000
B) $1,300
C) $9,000
D) $3,000
E) $1,500
Correct Answer:
Verified
Q3: The price of fresh fish rose and
Q4: If the long-run market supply curve in
Q5: In the long run, firms in a
Q6: In order to maximize profits, a perfectly
Q7: In the long run, perfectly competitive firms
Q9: Suppose a severe freeze damages the Florida
Q10: The goods produced by firms in a
Q11: What is meant by consumer surplus?
A) It
Q12: Which of the following is true of
Q13: The supply curve of a perfectly competitive
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents