In order to eliminate unnecessary details and highlight the essential features of an economic model, an economist makes

For a perfectly competitive firm,

a. P = AR at all levels of output b. P = AR at the profit-maximizing quantity only c. P > AR at all levels of output d. P < AR at the profit-maximizing quantity only e. P < AR at all levels of output

Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. The equilibrium price and quantity for Aunt Maud's lotion are $20 and 30 thousand units

What is the value of economic surplus in this market? A) $600 thousand B) $1,050 thousand C) $1,500 thousand D) $2,100 thousand