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If the daily demand curve for gasoline is as provided in the graph above, then how much consumer surplus would consumers receive if the market
If the daily demand curve for gasoline is as provided in the graph above, then how much consumer surplus would consumers receive if the market price for gasoline were $4.00 per gallon? What about for a price of $2.50 per gallon? As a reminder, the formula for the area of a triangle is * base * height? What does this say about how consumer welfare changes if the supply of gasoline decreases?
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