Let P Represent Price;let QS Represent Quantity Supplied;and Assume the Equation

question 31

True/False

Let P represent price;let QS represent quantity supplied;and assume the equation of the supply curve is
.If 80 units of the good are produced and sold,then producer surplus amounts to $1,200.

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Definitions:

P(A|B)

Represents the probability of event A occurring given that event B has occurred.

Independent Events

Two or more events where the outcome of one event does not affect the outcome of another.

P(A and B)

The probability of both event A and event B occurring in a joint probability distribution.

Independent Events

Events whose occurrence or outcome does not influence the occurrence or outcome of another event.