The Quantity Demanded (In Units of a Hundred) of the Miniature

question 141

Multiple Choice

The quantity demanded (in units of a hundred) of the miniature cameras per week is related to the unit price (in dollars) by and the quantity (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price (in dollars) by If the market price is set at the equilibrium price, find the consumers' surplus and the producers' surplus. Please round the answers to the nearest dollar.

• A) The consumers' surplus: $26,704, the producers' surplus: $142,718
• B) The consumers' surplus: $142,718, the producers' surplus: $26,704
• C) The consumers' surplus: $18,333, the producers' surplus: $20,000
• D) The consumers' surplus: $20,000, the producers' surplus: $18,333
• E) The consumers' surplus: $44,040, the producers' surplus: $21,478

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Definitions:

Statute Of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by the party to be charged, in order to be legally enforceable.

Void

refers to something that is legally declared to be null and without effect, as if it never existed or happened.

Adult Child

A term used to describe adults who have not assumed traditional adult responsibilities or roles, often due to psychological or social factors.

Compartmentalization

A psychological process of dividing and categorizing thoughts, feelings, and behaviors into distinct sections to manage conflict or anxiety.