Consider a Market With $Q ^ { d } = 240 - 6 P$

question 40

Multiple Choice

Consider a market with $Q ^ { d } = 240 - 6 P$ and Q^s = 2P_. What is the consumer surplus in this market?

• A) 1,000
• B) 300
• C) 750
• D) 500

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Definitions:

Consumer's Income

The total amount of income a consumer has available to spend on goods and services.

Price of X

The amount of money required to purchase a specific product or service, denoted as "X."

Price of Y

Refers to the cost or value assigned to a particular good or service denoted by the variable "Y."

Units of X

A generic term for the measurable quantity of a particular thing or variable being studied or utilized.