If at a Price of $1000, 8 Different Laptop Manufacturers

question 22

Multiple Choice

If at a price of $1000, 8 different laptop manufacturers are willing to sell 20 laptops each. If the 8 manufacturers are the only sellers of laptops in the market, then at a price of $1000, there are laptops supplied in the market.

• A) 8
• B) 820
• C) 20
• D) 160

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Definitions:

Consumer Surplus

Represents the difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.

Policy Price

The price set by government policy, often used in the context of agricultural products or utilities.

Government Policy

A plan of action or a set of decisions made by a government to guide public actions in a specific field or achieve certain goals.

Price Range

The spread between the highest and lowest selling price of a good or service in a particular market over a given period.