
Elasticities & Mod 2.6: Consumer and Producer Surplus
Authored by Mary Ong-Dean
Social Studies
12th Grade
Used 13+ times

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7 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Good X and Good Y have a cross-price elasticity of -1.2. Therefore, the goods are:
normal
inferior
complements
supplements
substitutes
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The income elasticity of good C is -1. If John's income ___, he will buy ___ of the good.
falls, less
falls, more
rises, the same amount
rises, more
falls, the same amount
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following leads to a more inelastic price elasticity of supply?
more inelastic price elasticity of demand
inputs that have many substitutes
more time to obtain inputs
improvements in technology
inputs that are harder to obtain
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Consumer surplus is the difference between the market price and the amount
consumers are willing to pay for a product.
consumers have to pay for a product.
firms are willing to accept for a product.
firms receive for a product.
consumers can resell the product for.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Producer surplus is found in the area:
above the supply curve but below the price.
above the demand curve but below the price.
below the demand curve but above the price.
below the supply curve but above the price.
nearest equilibrium.
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Other things equal, a rise in price will result in which of the following?
consumer surplus will rise
producer surplus will rise
consumer surplus will fall
producer surplus will fall
revenue will fall
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Allocating organs to patients based on who would receive the highest net benefit attempts to maximize:
profit
equity for elders
consumer surplus
producer surplus
efficiency
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