
Economics Consumer/Producer Surplus-Chapter 4 Test
Authored by Justin Perfili
Social Studies
9th - 12th Grade
Used 5+ times

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13 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify which word fits this definition: the maximum price a consumer is prepared to pay for a good.
Willingness to pay
Individual consumer surplus
Total consumer surplus
Consumer surplus
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify which word fits this definition: the net gain to an individual buyer from the purchase of a good; equal to the difference between the buyer’s willingness to pay and the price paid.
Willingness to pay
Individual consumer surplus
Total consumer surplus
Consumer surplus
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify which word fits this definition: the sum of the individual consumer surpluses of all the buyers of a good in a market.
Willingness to pay
Individual consumer surplus
Total consumer surplus
Consumer surplus
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify which word fits this definition: a term often used to refer both to individual consumer surplus and to total consumer surplus.
Willingness to pay
Individual consumer surplus
Total consumer surplus
Consumer surplus
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify which word fits this definition: (of seller) the lowest price at which a seller is willing to sell a good.
Producer surplus
Total producer surplus
Individual producer surplus
Cost
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify which word fits this definition: the net gain to an individual seller from selling a good; equal to the difference between the price received and the seller’s cost.
Producer surplus
Total producer surplus
Individual producer surplus
Cost
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Identify which word fits this definition: the sum of the individual producer surpluses of all the sellers of a good in a market.
Producer surplus
Total producer surplus
Individual producer surplus
Cost
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