Suppose Demand for a Good Is Q_D = 100 -

question 44

Multiple Choice

Suppose demand for a good is Q_D = 100 - P and supply is Q_S = -20 + P.What is the consumer surplus?

• A) 200
• B) 400
• C) 600
• D) 800

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Definitions:

Principal

The original sum of money borrowed in a loan or put into an investment, excluding any interest or dividends.

Market Wage

The prevailing wage rate for labor in a particular market, determined by supply and demand for workers.

Agent

An individual or entity authorized to act on behalf of another person or company in commercial transactions.

High-End

Products or services that are considered to be of the highest quality and price within their category.