The Demand Function for a Product Is , Where

question 333

Multiple Choice

The demand function for a product is , where p is the number of dollars and x is the number of units. If the equilibrium price is $40, what is the consumer's surplus? ​

• A) $1,175
• B) $1,250
• C) $1,375
• D) $1,220
• E) $1,340

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Definitions:

Economic Means

The methods or resources available for achieving economic objectives, such as wealth accumulation or resource allocation.

Ceteris Paribus

A Latin phrase meaning "all other things being equal," used to analyze the effect of one variable on another by holding all other relevant factors constant.

Other Things Equal

A Latin term (ceteris paribus) used in economics to signify examining the effect of one changing factor when all other factors remain constant.

Normative Economic Statement

An opinion or judgment that reflects values or what ought to be, rather than factual claims about what is.