In a perfectly competitive market, there are two types of consumers in the market with inverse demand p = 26-q and p = 16-q. The supply function is qp. What is the consumer surplus (in dollars)? a. 94 O O O O b. 84 c. 64 O d. 74
In a perfectly competitive market, there are two types of consumers in the market with inverse demand p = 26-q and p = 16-q. The supply function is qp. What is the consumer surplus (in dollars)? a. 94 O O O O b. 84 c. 64 O d. 74
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Transcribed Image Text:In a perfectly competitive market, there are two types of consumers in the market with inverse demand p = 26-q and p = 16-q. The supply
function is q=p. What is the consumer surplus (in dollars)?
ос
00
a. 94
b. 84
C. 64
O d. 74
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