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The Market Demand Function for Ice Cream Is Qd =

Question 36

Multiple Choice

The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2,where both quantities are measured in millions of gallons per year.What is the aggregate surplus at the competitive market equilibrium?


A) $4.5 million
B) $9 million
C) $13.5 million
D) $27 million

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