El Quiz#1 X Time Limit: 0:40:00 Time Left:0:31:56 Angie Gomez Padilla: Attempt 1 Question 1 (1 point) J Saved 0 when demand and supply have fluctuating elasticity O when demand is more elastic than supply O when demand and supply have an equal elasticity @ when demand is less elastic than supply 0 when the demand curve is perfectly horizontal. Question 2 (1 point) ~/ Saved What do we call the monetary difference between the amount a consumer is willing and able to pay for an additional unit of a good and what the consumer actually pays? 0 unexplained loss 0 market price - W Quizzes - ECON-2010-950 - Principles Of Microeconomics - Elearning - Western Michigan University - Google Chrome X elearning.wmich.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=492954&isprv=&drc=0&qi=440503&cfql=0&dnb=0&fromQB=0 Quiz#1 X Time Limit: 0:40:00 Time Left:0:31:12 Angie Gomez Padilla: Attempt 1 Page 1: Question 2 (1 point) Saved 2 3 What do we call the monetary difference between the amount a consumer is willing and able to pay for an additional unit of a good and what the consumer actually pays? V unexplained loss market price . consumer surplus consumer sovereignty Question 3 (1 point) Saved When the economic surplus in a market is less than it would be if the market were efficient, we know that the market is experiencing: deadweight loss Oa situation in which marginal benefit equals marginal cost 38F O O CA ENG 5:49 PM Cloudy 4/16/2022 15W Quizzes - ECON-2010-950 - Principles Of Microeconomics - Elearning - Western Michigan University - Google Chrome X elearning.wmich.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=492954&isprv=&drc=0&qi=440503&cfql=0&dnb=0&fromQB=0 Quiz#1 X Time Limit: 0:40:00 Time Left:0:30:58 Angie Gomez Padilla: Attempt 1 Page 1: ULUIISUITItI SUVEICIgilly 2 3 V Question 3 (1 point) Saved When the economic surplus in a market is less than it would be if the market were efficient, we know that the market is experiencing: V deadweight loss a situation in which marginal benefit equals marginal cost asymmetry problems. an inverse externality. Question 4 (1 point) Saved Which of the following could cause the supply curve for HD televisions to shift to the right? O an increase in the price of an Xbox lack of technological advances 38F ENG 5:49 PM Cloudy O W 4/16/2022 15W Quizzes - ECON-2010-950 - Principles Of Microeconomics - Elearning - Western Michigan University - Google Chrome X elearning.wmich.edu/d21/Ims/quizzing/user/attempt/quiz_start_frame_auto.d21?ou=492954&isprv=&drc=0&qi=440503&cfql=0&dnb=0&fromQB=0 Quiz#1 X Time Limit: 0:40:00 Time Left:0:30:35 Angie Gomez Padilla: Attempt 1 Page 1: an inverse externality. 2 3 V Question 4 (1 point) Saved Which of the following could cause the supply curve for HD televisions to shift to V the right? O an increase in the price of an Xbox O lack of technological advances O old, outdated factories the falling prices of component parts the increasing prices of shipping parts Submit Quiz 4 of 4 questions saved 38F Cloudy O ENG 5:49 PM 4/16/2022 15