Question: A competitive industry has a demand curve given by Q = 30 2p. The supply curve is Q = 9 + p. a. Consumer surplus

A competitive industry has a demand curve given by Q =

A competitive industry has a demand curve given by Q = 30 2p. The supply curve is Q = 9 + p. a. Consumer surplus is 64. b. The price (vertical) intercept of the demand curve is 30. c. The equilibrium quantity is 8. a The equilibrium price is 16 None of the above. (Hint: Draw a diagram.)

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