Consumer and Producer Surplus Quiz
Authored by Maya Kharishma
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11th Grade
Used 23+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the meaning of consumer surplus?
The price consumers are willing to pay for a product
The value gained by producers from selling a product above the cost of production
The cost of producing units for consumers
The value gained by consumers from consuming a product above the price paid
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the demand curve represent in relation to consumer surplus?
The price consumers are willing to pay for a product
The value gained by consumers from consuming a product above the price paid
The willingness of consumers to pay a higher price for a product
The cost of production for consumers
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At what point does consumer surplus disappear in the diagram?
When price and quantity are equal
When price is higher than the value gained by consumers
When quantity is higher than the value gained by consumers
When price is lower than the value gained by consumers
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the meaning of producer surplus?
The cost of producing units for consumers
The value gained by producers from selling a product above the cost of production
The value gained by consumers from consuming a product above the price paid
The price consumers are willing to pay for a product
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the supply curve represent in relation to producer surplus?
The price producers are willing to sell a product for
The value gained by consumers from consuming a product above the price paid
The willingness of consumers to pay a higher price for a product
The cost of production for consumers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At what point does producer surplus disappear in the diagram?
When quantity is higher than the cost of production
When price and quantity are equal
When price is higher than the cost of production
When price is lower than the cost of production
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the marginal social benefit (MBS) in relation to consumer surplus?
The cost of production for consumers
The price consumers are willing to pay for a product
The willingness of consumers to pay a higher price for a product
The value gained by consumers from consuming a product above the price paid
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