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- Consider a market in equilibrium. Suppose supplyin this market increases. How will this affect consumer surplus? ExplainWhat is a surplus? Define it and discuss how the market can return to equilibriumTotal surplus is maximized at the equilibriumprice and quantity. When demand increases,price increases. Explain how total surplus is stillmaximized if price increases due to an increase indemand
- Explain the difference between Consumer and producer surplus?THE CONSUMER SURPLUS?If the economy goes into a recession and incomes fall, what happens in markets? Prices of inferior goods go up because the demand for them increases Prices of normal goods go up because the demand for them increases Prices of all goods go down None of the other answers is correct Suppose the demand curve is given by P=10-Q and the supply curve by Q=P If the price in the market is given by $7, then The market is in equilibrium There is a a surplus in the market There is a shortage in the market Increasing the price will result in an increase in the quantity demanded