Consumer surplus

Consumer surplus

University

5 Qs

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Consumer surplus

Consumer surplus

Assessment

Quiz

Other

University

Medium

Created by

Sofian Ali

Used 135+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best describes consumer surplus?

The price consumers are willing to pay

The cost of providing a unit

The profit made by a firm

Non is correct

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Hassan is willing to pay $20 to see the Conjuring movie for the 4th time. He finds a theater showing the movie for $5. Hassan's consumer surplus is

$5

$15

$20

$25

3.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

If you pay a price exactly equal to your willingness to pay, then

your consumer surplus is $0

your willingness to pay is less than your consumer surplus

your consumer surplus is negative

you place little value on the good

4.

MULTIPLE CHOICE QUESTION

1 min • 12 pts

Media Image

When the price is P1, consumer surplus is

A

A + B

A + B + C

A + B + D

5.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Media Image

When the price rises from P1 to P2, consumer surplus

Increases by an amount equal to A

Decreases by an amount equal to B + C

Increases by an amount equal to B + C

Decreases by an amount equal to C