Sir Plus Has a Demand Function for Mead That Is

question 19

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 $60, how much is Sir Plus's net consumer's surplus?

• A)$40
• B)$800
• C)$1,600
• D)$400
• E)$3,900

---

Definitions:

Economic System

The mechanism or set of processes by which a society organizes and distributes its resources, goods, and services.

Factors Of Production

The four economic resources: land, labor, capital, and entrepreneurial ability.

Economic Systems

The structure and methods by which a society allocates resources and distributes goods and services among its population.

Business Risk

The potential for financial loss or failure in the operation of a company due to factors like market conditions, regulatory changes, or operational challenges.