Use the Following to Answer Questions

question 179

Multiple Choice

Use the following to answer questions :
Figure: The Domestic Supply and Demand for SUVs in the United States
-(Figure: The Domestic Supply and Demand for SUVs in the United States) Look at the figure The Domestic Supply and Demand for SUVs in the United States. Suppose the world price equals $50,000 and there is free trade. Calculate the loss of consumer surplus.

• A)$41,250 million
• B)$30,000 million
• C)$52,500 million
• D)$22,250 million

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Definitions:

Magic Number

A concept in cognitive science referring to the short-term memory capacity of about seven items (plus or minus two).

Auditory Traces

Memory traces of auditory information that are believed to persist in the brain for a brief period after the auditory stimulus has ended.

Short-term Memory

The ability to retain a limited amount of data in a readily accessible, active condition for a brief duration.

Busy Signal

A repeating tone or signal on a phone line indicating that the line is currently engaged in another call and unavailable.