The graph shows the demand and supply of dorm- room-sized fridges sold in College town per semester.
Question:
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
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Related Book For
Introduction To Economics Social Issues And Economic Thinking
ISBN: 9780470574782
1st Edition
Authors: Wendy A. Stock
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