The Demand Function for a Product Is Where P

question 266

Multiple Choice

The demand function for a product is where p is in millions of dollars and x is the number of thousands of units. If the equilibrium price is $6 million, what is the consumer's surplus? Round your answer to the nearest million dollars. ​

• A) 114 million dollars
• B) 149 million dollars
• C) 83 million dollars
• D) 88 million dollars
• E) 174 million dollars

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Definitions:

High Level

Pertains to something that is of a superior or advanced status, complexity, or importance.

Variable Ratio

A reinforcement schedule in which the number of responses required for a reward varies, making the reinforcement unpredictable and often leading to a high and steady rate of response.

Schedule of Reinforcement

refers to the strategy for timing and application of rewards to encourage or strengthen desired behaviors in behavioral psychology.

Contingent Reinforcement

A type of conditioning in which a reward or punishment (the reinforcement) is given only after the desired response or behavior occurs, making it contingent on the behavior.