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1 Supply and demand curve for the market for a new cookbook. The x-axis is labeled Quantity and runs from 0 to 2,500 in increments
1 Supply and demand curve for the market for a new cookbook. The x-axis is labeled "Quantity" and runs from 0 to 2,500 in increments of 500. The y-axis is labeled "Price" and rises from $0 to $35 in increments of $5. The supply curve has upward slope from left to right, while the demand curve has a downward slope from left to right. The two curves intersect at the price of $15 and a quantity of 1,000. The data for the supply curve is approximately as follows. Quantity Price 0 $5 500 $10 1000 $15 1500 $20 2000 $25 The data for the demand curve is approximately as follows. Quantity Price 0 $30 500 $23 1000 $15 1500 $7 2000 $0 What price would maximize consumer surplus? The market equilibrium price of $15 The lowest price accepted by any supplier, or approximately $5 A price somewhere between $5.01 and $14.99 A price somewhere between $15.01 and $30..select correct ans from given option
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