It Is Known That the Quantity Demanded of a Certain

question 12

Multiple Choice

It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is dollars.Determine the consumers' surplus if the wholesale market price is set at $20/unit.Round your answer to the nearest dollar.

• A)$5,093
• B)$5,217
• C)$4,975
• D)$4,661

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Definitions:

Utility Bill

A periodic invoice received by consumers for usage of utilities such as electricity, water, natural gas, or sewage services.

Accounts Payable

Accounts Payable are obligations a company has to pay off to its creditors or suppliers within a short period, typically one year or less.

Accounts Receivable

Debt owed by customers to an enterprise for goods or services supplied but not yet settled.

Interim Statements

Financial reports covering a period of less than a full fiscal year, often quarterly, to provide timely insights into a company’s performance.