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The figure on the right displays the market for video game consoles, where nine buyers are interacting with nine sellers. According to this figure, the
The figure on the right displays the market for video game consoles, where nine buyers are interacting with nine sellers. According to this figure, the equilibrium price is $ quantity is When the market is in equilibrium, social surplus is $ , and at that price, the equilibrium If the number of consoles is restricted to two less than the equilibrium quantity, social surplus is $ Alternatively, if the government mandated that one more video game console than equilibrium be transacted, social surplus is now $ From this analysis, it can be concluded that a market in competitive equilibrium social surplus. Price Market for Video Game Consoles o { 2 4 1 3 Quantity 7 LR & According to this figure, the equilibrium price is $, and at that price, the equilibrium quantity is equilibrium, social surplus is $ maximizes es is restricted to two less than the equilibrium quantity, social equalizes ernment mandated that one more video game console than ed, social surplus is now $ minimizes - can be concluded that a market in competitive equilibrium social surplus
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