The Market Demand Function for Ice Cream Is and the Market

question 37

Multiple Choice

The market demand function for ice cream is and the market supply function for ice cream is ,where both quantities are measured in millions of gallons per year.What is the aggregate surplus at the competitive market equilibrium?

• A) $4.2
• B) $16.8
• C) $8.4
• D) $9

---

Definitions:

Balance Sheet

A financial statement that displays a company's assets, liabilities, and shareholders' equity at a specific point in time, showing the company's financial position.

Rental Income

Rental income refers to the revenue received from leasing property or other assets to tenants.

Income Statement

A financial report that shows a company's revenues, expenses, and profit or loss over a specific period of time.

Owner's Equity Statement

A financial document showing the starting balance, additions and subtractions, and the ending balance of the owner’s equity account.