The Market Price of a Good Is $5 and 40

question 236

Multiple Choice

The market price of a good is $5 and 40 units of the good sell at this price. Its demand curve intersects the vertical axis at a price of $10 and has a constant slope. What is the approximate value of consumer surplus in this market?

• A) $100
• B) $50
• C) $200
• D) $75

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Definitions:

Trait Self-Esteem

An individual's enduring belief in their own worth or abilities across situations and time.

Across Cultures

Refers to phenomena, practices, or situations that occur or are relevant in multiple cultural contexts, emphasizing cross-cultural interactions and understanding.

Ethnic Minority

A group within a country or community which differs from the majority in racial, national, cultural, or linguistic characteristics.

Ethnic Majority

The largest ethnic group within a certain geographical area or society, often holding more power or resources than ethnic minorities.