19) Aggregate surplus A) is the sum of total willingness to pay and total avoidable costs of production. B) is minimized under perfect competition. C) is the sum of consumer and producer surpluses. D) is equal to zero in the long run. 20) The market demand function for ice cream is Q-10-2P and the market supply function for ice cream is Q-4P-2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus the competitive market equilibrium? A) $4.5 million B) $9 million c) $13.5 million D) $27 million 21) The market demand function for ice cream is Q-10-2P and the market supply function for ice cream is Q = 4P-2, where both quantities are measured in millions of gallons per year. What is the consumer surplus at the competitive market equilibrium? A) $4.5 million B) $9 million C) $13.5 million. D) $18 million 22) The market demand function for ice cream is Q-10-2P and the market supply function for ice cream is Q-4P-2, where both quantities are measured in millions of gallons per year. What is the producer surplus at the competitive market equilibrium? A) $1.5 million B) $4.5 million C) $9 million D) $13.5 million 23) Suppose the market demand function in a certain market where Q is measured in thousands of units is Q-20-2.5P, and the market supply function is Q-2.5P-7.5. How much deadweight loss would there be in this market if the quantity bought and sold was 6,000 units? A) $0.03
19) Aggregate surplus A) is the sum of total willingness to pay and total avoidable costs of production. B) is minimized under perfect competition. C) is the sum of consumer and producer surpluses. D) is equal to zero in the long run. 20) The market demand function for ice cream is Q-10-2P and the market supply function for ice cream is Q-4P-2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus the competitive market equilibrium? A) $4.5 million B) $9 million c) $13.5 million D) $27 million 21) The market demand function for ice cream is Q-10-2P and the market supply function for ice cream is Q = 4P-2, where both quantities are measured in millions of gallons per year. What is the consumer surplus at the competitive market equilibrium? A) $4.5 million B) $9 million C) $13.5 million. D) $18 million 22) The market demand function for ice cream is Q-10-2P and the market supply function for ice cream is Q-4P-2, where both quantities are measured in millions of gallons per year. What is the producer surplus at the competitive market equilibrium? A) $1.5 million B) $4.5 million C) $9 million D) $13.5 million 23) Suppose the market demand function in a certain market where Q is measured in thousands of units is Q-20-2.5P, and the market supply function is Q-2.5P-7.5. How much deadweight loss would there be in this market if the quantity bought and sold was 6,000 units? A) $0.03
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I need help with #20 please
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19) Aggregate surplus
A) is the sum of total willingness to pay and total avoidable costs of production.
B) is minimized under perfect competition.
C) is the sum of consumer and producer surpluses.
D) is equal to zero in the long run.
File
B) $9 million
C) $13.5 million
D) $27 million
20) The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the aggregate surplus at the
competitive market equilibrium?
A) $4.5 million
10095 words
▬▬▬
21) The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the consumer surplus at the
competitive market equilibrium?
A) $4.5 million
B) $9 million
C) $13.5 million
D) $18 million
C) $9 million
D) $13.5 million
22) The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the producer surplus at the
competitive market equilibrium?
A) $1.5 million
B) $4.5 million
ni
23) Suppose the market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the market supply function is Qs =2.5P - 7.5. How much deadweight loss would there be in this
market if the quantity bought and sold was 6,000 units?
A) $0.03
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