Multiple Choice
Consider a market characterized by the following inverse demand and supply functions: PX = 10 − 2QX and PX = 2 + 2QX. Compute the surplus consumers receive when an $8 per unit price floor is imposed on the market.
A) $0
B) $1
C) $3
D) $5
Correct Answer:
Verified
Correct Answer:
Verified
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