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Questions and Answers
What happened to consumers' marginal benefits from a laptop in the market?
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?
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?
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?
How did the consumer surplus change in the new equilibrium?
What impact did the changes have on total economic surplus in the market?
What impact did the changes have on total economic surplus in the market?
In the new equilibrium, the consumer surplus is $ blank1
In the new equilibrium, the consumer surplus is $ blank1
In the new equilibrium, the producer surplus is $ blank2
In the new equilibrium, the producer surplus is $ blank2
In the new equilibrium, the total economic surplus is $ blank3
In the new equilibrium, the total economic surplus is $ blank3
Consumers’ marginal benefits from a laptop decreased by $ blank4 at each given quantity
Consumers’ marginal benefits from a laptop decreased by $ blank4 at each given quantity
The equilibrium price fell to $ blank5 in the new equilibrium
The equilibrium price fell to $ blank5 in the new equilibrium
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