Please answer the question and explain your solution. Thanks. $30$22Supply$16$12$5Demand30 50QuantityRefer to the diagram above. When quantity supplied and quantity demanded are equal, Consumer surplus is equal to .Select one:O a. $230O b. $300O C. $350O d. $275O e. $120O f. none of the available choices (not intended as an answer)O g. $405Price (S/unit)

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Business

Economics

Please answer the question and explain your solution. Thanks.

Principles of Macroeconomics (MindTap Course List)

7th Edition

ISBN:9781285165912

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 7PA

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Question

Please answer the question and explain your solution. Thanks.

$30
$22
Supply
$16
$12
$5
Demand
30 50
Quantity
Refer to the diagram above. When quantity supplied and quantity demanded are equal, Consumer surplus is equal to .
Select one:
O a. $230
O b. $300
O C. $350
O d. $275
O e. $120
O f. none of the available choices (not intended as an answer)
O g. $405
Price (S/unit)

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