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The next 3 questions involve the following supply and demand equations: Supply: p = q + 10Demand: p = 50 3 q 31. What is
The next 3 questions involve the following supply and demand equations:Supply:p=q+ 10Demand:p= 503q31.What is the market equilibrium price and quantity?(A)p= 10,q= 10(B)p= 20,q= 10(C)p= 20,q= 20(D)p= 10,q= 2032.The government enacts a price floor of $32. What is the Total Surplus?(A)$168(B)$208(C)$200(D)None of the above33.What is the Deadweight Loss?(A)$32(B)$90(C)$64(D)None of the above
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