The Market Demand Function for Ice Cream Is Q^d =

question 30

Multiple Choice

The market demand function for ice cream is Q^d = 10 - 2P and the market supply function for ice cream is Q^s = 4P - 2,where both quantities are measured in millions of gallons per year.What is the consumer surplus at the competitive market equilibrium?

• A) $4.5 million
• B) $9 million
• C) $13.5 million
• D) $18 million

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