Sir Plus Has a Demand Function for Mead That Is

question 36

Multiple Choice

Sir Plus has a demand function for mead that is given by the equation D(p) = 100 - p. If the price of mead is $90, how much is Sir Plus's net consumer's surplus?

• A) $25
• B) $10
• C) $50
• D) $100
• E) $8,550

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Definitions:

Libido

A term often used in psychoanalytic theory to denote the energy associated with the sexual drive and desire.

Id

In psychoanalytic theory, the part of the mind in which innate instinctual impulses and primary processes are manifest.

Superego

The component of the human psyche in Freudian psychoanalytic theory that mediates between the primal desires of the id and the moral standards of the ego, often associated with conscience.

Bar Exam

A professional examination that aspiring lawyers must pass in order to practice law in a given jurisdiction.