The graph shows the demand and supply of dorm- room-sized fridges sold in College town per semester.

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The graph shows the demand and supply of dorm- room-sized fridges sold in College town per semester. At equilibrium, consumer surplus is _______per semester.

a. 1/2 × 1600 × $60 = $48,000

b. 1/2 × 1600 × $20 = $16,000

c. 1/2 × 1600 × $40 = $32,000

d. $40 × 1600 = $64,000

e. Unknown, since the price of fridges is unknown

Quantity (number of fridges per semester) 400 800 1200 1600 2000 2400 2800 3200 3600 4000 10 Price ($ per

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Introduction To Economics Social Issues And Economic Thinking

ISBN: 9780470574782

1st Edition

Authors: Wendy A. Stock

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Question Posted: Oct 28, 2023 06:54 AM

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The graph shows the demand and supply of dorm- room-sized fridges sold in College town per semester.

Question:

Quantity (number of fridges per semester) 400 800 1200 1600 2000 2400 2800 3200 3600 4000 10 Price ($ per fridge) D

Step by Step Answer:

The correct answer is c 12 1600 40 32000 Explanation Consumer surplus is the difference bet...View the full answer

Introduction To Economics Social Issues And Economic Thinking

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