Suppose That Market Demand Is Q = 660 - 12P

question 104

Multiple Choice

Suppose that market demand is Q = 660 - 12P and marginal cost is MC = 5. The consumer surplus in a perfectly competitive market is $____, while the consumer surplus in a monopoly market is $ ___.

• A) 15,000; 3,750
• B) 15,000; 7,500
• C) 0; 7,500
• D) 5,000; 3,750

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Definitions:

Hemoglobin

A protein in red blood cells responsible for carrying oxygen from the lungs to the body's tissues and returning carbon dioxide to the lungs.

Globin Portion

Part of the hemoglobin molecule consisting of globular proteins bound to heme, facilitating oxygen transport in the blood.

Hemoglobin Molecules

Hemoglobin molecules are iron-containing proteins in red blood cells that bind to oxygen in the lungs and carry it to tissues throughout the body, playing a crucial role in respiration.

Red Blood Cells

Biconcave, disc-shaped cells in the blood that transport oxygen from the lungs to body tissues and carbon dioxide from tissues back to the lungs.