Advanced Placement (AP), 20.11.2021 14:00 dededese2403

Which of the following is true for the market above: A. Consumer surplus is $250. (correct answer)
B. At a price of $30 there would be a surplus.
C. A price floor at $30 would decrease the quantity produced.
D. Consumer surplus is $500.
E. At $70 the quantity demanded is greater than the quantity supplied.

Please explain why each incorrect answer is incorrect and give an explanation for the correct answer.

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Which of the following is true for the market above: A. Consumer surplus is $250. (correct answer)...