producer consumer surplus

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

The seller is willing to sell a product ONLY if the seller receives a price that is at least as great as

• The average willingness to pay of the buyer's of the product

• The seller's profit

• The seller's producer surplus

• The seller's cost of production

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.1

CCSS.HSA.CED.A.3

CCSS.HSA.REI.B.3

The area below a demand curve and above the price measures

• Producer surplus

• Willingness to pay

• Consumer surplus

• Excess supply

Other things being equal, if the price of a good falls, the consumer surplus

• May increase, decrease, or remain unchanged

• Increases

• Is unchanged

• Decreases

Tags

CCSS.HSA.SSE.A.1

Yaz produces nails at a cost of $200 per ton. If he sells nails for $350 per ton, his producer surplus per ton is

• $200

• $350

• $150

• $550

Tags

CCSS.HSA.SSE.A.1

In a market, total surplus is

• Greater than the sum of consumer surplus plus producer surplus

• Equal to the consumer's willingness to pay plus producer's cost

• Equal to the total cost to sellers minus the total value to buyers

• Equal to producer surplus plus consumer surplus

Tags

CCSS.HSA.SSE.A.1

Producer surplus is

• Measured using the demand curve for a good

• Always a negative number for sellers in a competitive market

• The amount a seller is paid minus the cost of production/opportunity cost

• The opportunity cost minus the cost of producing goods that go unsold

Tags

CCSS.HSA.SSE.A.1

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

Tags

CCSS.HSA.SSE.A.1

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

When the price is P_1, consumer surplus is

• A

• A + B

• A + B + C

• A + B + D

Tags

CCSS.HSA.SSE.A.1

CCSS.HSA.CED.A.2

CCSS.HSA.REI.D.10