The next six questions involve the following supply and demand equations:

Demand:p= 1202qSupply:p= 30 + 3q

22.What is the market equilibrium?

(A)p=18,q=84. (B)p=84,q=18. (C)p=45,q=75. (D)p=75,q=45.

23.What is the producer surplus at the market equilibrium?

(A) 486. (B) 324. (C) 648. (D) 972.

24.What is the consumer surplus at the market equilibrium?

(A) 486. (B) 324. (C) 648. (D) 972.

25.The government imposes a price floor at a price ofp= 90. What is the quantity demanded?

(A) 15. (B) 90. (C) 30. (D) 20.

26.Under a price floor ofp= 90, what is the Total Surplus?

(A) 787.5.

(B) 22.5.

(C) 1575.

(D) None of the above.

27.At a price floor ofp= 90, what is the Deadweight Loss?

(A) 787.5.

(B) 22.5.

(C) 1575.

(D) None of the above.