In the figure above, suppose that $20 is the market equilibrium price. What is the amount of the consumer surplus?
A) $3,375
B) $3,000
C) $375
D) 150 units
E) $1,500
C
Economics
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The absolute price elasticity of demand for a product that has many good substitutes is probably
A) less than 1. B) greater than 1. C) equal to 1. D) infinity.
Economics
Buying insurance and then never making a claim:
A. is considered by economists to be irrational behavior. B. means buying the insurance was a bad decision. C. does not mean buying the insurance was a bad decision. D. is a poor use of money.
Economics