Market Equilibrium and Surplus Analysis Quiz
10 Questions
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Market Equilibrium and Surplus Analysis Quiz

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@ConsiderateSatellite

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Questions and Answers

What happened to consumers' marginal benefits from a laptop in the market?

  • Decreased by $100 at each given quantity (correct)
  • Fluctuated randomly at each given quantity
  • Stayed the same at each given quantity
  • Increased by $100 at each given quantity

    • How did the equilibrium price change in the market for laptops?

  • Decreased to $460 (correct)
  • Increased to $560
  • Remained unchanged at $500
  • Fluctuated based on demand

    • What happened to the equilibrium quantity of laptops in the market?

  • Decreased to 1,600 (correct)
  • Increased to 2,000
  • Remained unchanged at 1,800
  • Became unpredictable

    • How did the consumer surplus change in the new equilibrium?

    <p>$800</p> Signup and view all the answers

    What impact did the changes have on total economic surplus in the market?

    <p>Decreased</p> Signup and view all the answers

    In the new equilibrium, the consumer surplus is $ blank1

    <p>360,000</p> Signup and view all the answers

    In the new equilibrium, the producer surplus is $ blank2

    <p>320,000</p> Signup and view all the answers

    In the new equilibrium, the total economic surplus is $ blank3

    <p>680,000</p> Signup and view all the answers

    Consumers’ marginal benefits from a laptop decreased by $ blank4 at each given quantity

    <p>100</p> Signup and view all the answers

    The equilibrium price fell to $ blank5 in the new equilibrium

    <p>460</p> Signup and view all the answers

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