Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question

Transcribed Image Text:What is the amount of consumer surplus?
O 144 $
O 144,000 $
O 28,000 $
O 12 $
O 78,000 $

Transcribed Image Text:P[ 25
(Price
dollars
per
20
unit)
12
6
2
12
28
20
(Quantity: Thousand Units sold per week)
Answer the following 3 questions according to information here and graph in this question:
Graph shows that a competitive market creates an efficient allocation of resources at
equilibrium. Which of the following pairs are equilibrium price and equilibrium quantity
respectively? ($ sign means dollars)
12 $ and 12,000 units
O 20 $ and 4 units
O 25 $ and 28,000 units
O 25 $ and 28 units
O 12 $ and 28 units
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