The market supply function is P = 10 + Q and the market demand function is P = 70 - 2Q. What is the change in consumer surplus associated with a minimum floor price of $30?
A) Zero
B) -$100
C) -$30
D) -$55
A
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Marginal revenue equals
A) total revenue divided by output. B) price times quantity, divided by average revenue. C) total revenue divided by average revenue. D) the change in total revenue from selling one more unit.
Under perfect competition, a firm's: a. demand curve and average revnenue curve are identical, but the marginal revenue curve is different. b. demand curve is different, but the average revenue curve and the marginal revenue curve are identical. c. demand curve, average revenue curve and marginal revenue curve are identical
d. none of these is true.
If a country had a trade deficit of $10 billion and then its exports rose by $20 billion and its imports rose by $10 billion, its net exports would now be
a. $0 b. $10 billion. c. -$10 billion. d. -$20 billion.
For the equation of exchange to remain in balance
A. changes in P must equal the combined change in M and V. B. changes in P must equal changes in V. C. changes in Q must equal changes in M. D. the equation does not have to balance.