Question 8 & 9

Question 8 0 out of 0.1 points X Suppose the market demand for good X is given by Qx = 20 - 2Px. If the equilibrium price of X is $5 per unit then consumer surplus is Selected Answer: $50. Response Feedback: Slide 2-20 Question 9 0 out of 0.1 points X In a competitive market, the market demand is Q = 60 - 6P and the market supply is QS = 4P. The full economic price under a price ceiling of $3 is Selected Answer: 6. Response Feedback: Slide 2-44