Suppose the Demand and Supply Curves for Good X Are

question 71

Multiple Choice

Suppose the demand and supply curves for good X are both linear. And, the demand price for the first unit of X is $28, and the supply price for the first unit of X is $6. If the equilibrium price for good X is $16 and the equilibrium quantity of X is 24,000 units, then total consumer surplus is $________, total producer surplus is $_________, and total social surplus is $_____________.

• A) $28; $6; $16
• B) $144,000; $120,000; $264,000
• C) $120,000; $144,000; $264,000
• D) $672,000; $144,000; $384,000
• E) $144,000; $672,000; $384,000