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Willingness to Pay_Consumer Surplus

Authored by Jeanette Kleppinger

Business

11th Grade

Used 2+ times

Willingness to Pay_Consumer Surplus
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9 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Suppose Larry, Moe, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid. This maximum is called

a resistance price

consumer surplus

willingness to pay

top bid

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Willingness to pay 

measures the value that a buyer places on a good.

is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept

is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept.

is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The maximum price that a buyer will pay for a good is called the

cost

willingness to pay

equity

efficience

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

On a graph, the area below a demand curve and above the price measures

producer surplus.

consumer surplus.

deadweight loss.

willingness to pay.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a buyer’s willingness to pay for a good is equal to the price of the good, the

buyer’s consumer surplus for that good is maximized.

buyer will buy as much of the good as the buyer’s budget allows.

price of the good exceeds the value that the buyer places on the good.

buyer is indifferent between buying the good and not buying it.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Consumer surplus is

the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

the amount a buyer is willing to pay for a good minus the cost of producing the good.

the amount by which the quantity supplied of a good exceeds the quantity demanded of the good.

a buyer's willingness to pay for a good plus the price of the good.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Consumer surplus 

is closely related to the supply curve for a product.

is represented by a rectangle on a supply-demand graph when the demand curve is a straight, downward-sloping line.

is measured using the demand curve for a product.

does not reflect economic well-being in most markets.

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