Consumer and Producer Surplus

Consumer and Producer Surplus

11th Grade

15 Qs

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Consumer and Producer Surplus

Consumer and Producer Surplus

Assessment

Quiz

Arts

11th Grade

Practice Problem

Medium

Created by

Joanne Beaver

Used 34+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At quantity Q1, how much money would producers need to receive in order to produce?

Price d

Price c

Price Pe

Price b

Price a

Answer explanation

Notice at Q1, the Supply Curve will show price b.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

At quantity Q1, how much would consumers be willing to pay for the product?

Price d

Price c

Price Pe

Price b

Price a

Answer explanation

Notice at Q1, the Demand Curve will show price c.

3.

OPEN ENDED QUESTION

3 mins • 1 pt

Media Image

Is Q1 an efficient output level? Explain.

Evaluate responses using AI:

OFF

4.

OPEN ENDED QUESTION

3 mins • 1 pt

Media Image

What would you expect to happen to price and quantity at output level, Q1? Explain.

Evaluate responses using AI:

OFF

5.

HOTSPOT QUESTION

1 min • 1 pt

At the price of Pe, identify the area of consumer surplus. Include all the sections.

Answer explanation

Consumer surplus is the area between the demand curve, the price people are willing to pay, and the price they actually pay.

6.

HOTSPOT QUESTION

1 min • 1 pt

At the price of Pe, identify the area of producer surplus. Include all the sections.

Answer explanation

Producer surplus is the area between the supply curve, the price producers are willing to supply, and the price they actually receive.

7.

HOTSPOT QUESTION

1 min • 1 pt

Identify all the areas that represent consumer surplus before the tax.

Answer explanation

Consumer surplus is the area between the Demand Curve and the price that consumers actually paid.

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