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Incorrect Question 3 0/10 pts Suppose the annual global supply and demand for oil (in billions of barrels) are QS = -2+ P QD
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Answer #1

Answer : Consumer Surplus in the market =0.5*(Maximum price -Equilibrium price) * Equilibrium quantity =0.5*( $520-$120)*10 = $2000 billion

Therefore equilibrium quantity and equilibrium quantity has been derived from demand and supply function.

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