Multiple Choice
In the market for used cars, the demand and supply equations are given by QD = 12,000 - 0.4P and QS = 0.1P + 5,000, where P is the price per car and Q measures the quantity of cars. What is the size of the deadweight loss at a price floor of $15,000?
A) $250,000
B) $500,000
C) $750,000
D) $1 million
Correct Answer:
Verified
Correct Answer:
Verified
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