At the market equilibrium price, consumer surplus would be [Select] (thousand). V If the government mandates a price floor of $80, consumer surplus will fall to [Select] (thousand).
At the market equilibrium price, consumer surplus would be [Select] (thousand). V If the government mandates a price floor of $80, consumer surplus will fall to [Select] (thousand).
Chapter3: Market Demand And Supply
Section3.A: Consumer Surplus, Proudcer Suplus, And Market Efficency
Problem 1SQP
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Question
![Price of gizmos
$100
90
80
70
60
50
40
30
20
10
0
Supply
Demand
24 68 10 12 14 16 18 20
Quantity of gizmos (in thousands)
At the market equilibrium price, consumer surplus would be
[ Select]
(thousand).
If the government mandates a price floor of $80, consumer surplus will fall to
[ Select]
(thousand).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8c0ef339-d0cc-4972-98a6-9595f280e446%2F7903c21d-9c24-4414-82c6-fd50c3085744%2Fvtxjgx_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Price of gizmos
$100
90
80
70
60
50
40
30
20
10
0
Supply
Demand
24 68 10 12 14 16 18 20
Quantity of gizmos (in thousands)
At the market equilibrium price, consumer surplus would be
[ Select]
(thousand).
If the government mandates a price floor of $80, consumer surplus will fall to
[ Select]
(thousand).
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