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Consumer & Producer Surplus

Authored by H Ethan

Social Studies, Other

9th Grade - University

Used 559+ times

Consumer & Producer Surplus
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13 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Media Image

What area represents producer surplus in the graph shown here if this market is in equilibrium?

P2MP0

P4MP2

LMN

P4PLN

P0MP4

2.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Consumer surplus is the buyer's willingness to pay minus the seller's cost.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer surplus decreases when the price in that market increases.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Consumer surplus is the area

below the demand curve and above the price.

above the supply curve and below the price.

above the demand curve and below the price.

above the demand curve and below the price.

5.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

A buyer's willingness to pay is that buyer's

minimum amount they are willing to pay for a good.

producer surplus.

consumer surplus.

maximum amount they are willing to pay for a good.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

You are the manager of Fun World, a small amusement park that only charges per ride. The diagram shows the demand curve for a typical customer. At $5 per ride, how much consumer surplus does each customer get?

$5
$15
$25
$50

7.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Producer Surplus is the area

Below the price and above the supply curve

Under the supply curve

Between the supply and demand curves

Under the demand curve, and above the price

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