Scenario 16-3 Suppose Market Demand for a Product Is Given by the by the Equation

question 294

Multiple Choice

Scenario 16-3
Suppose market demand for a product is given by the equation P = 20 - Q. For this market demand curve, marginal revenue is MR = 20 - 2Q.
-Refer to Scenario 16-3.If the marginal cost of producing this good is 4,how much total consumer surplus would consumers receive in this market?

• A) 8
• B) 12
• C) 32
• D) 64

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