Consumer and Producer Surplus Quiz

Consumer and Producer Surplus Quiz

Professional Development

25 Qs

quiz-placeholder

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Consumer and Producer Surplus Quiz

Consumer and Producer Surplus Quiz

Assessment

Quiz

Geography

Professional Development

Hard

Created by

awe TAIWO

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is consumer surplus?

The amount consumers pay for a good or service.

The difference between what consumers are willing to pay and what they actually pay.

The total revenue received by sellers.

The equilibrium price of a good.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a producer's marginal cost is lower than the equilibrium price, the producer experiences:

Producer deficit

Producer surplus

Consumer surplus

No surplus or deficit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the equilibrium point in a competitive market:

Consumer surplus is maximized, but producer surplus is zero.

Total surplus is maximized.

Only producer surplus is maximized.

There is always a market shortage.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a market is not at equilibrium, then:

Total economic surplus is zero.

Consumer and producer surplus are equal.

There is a potential deadweight loss.

Only producer surplus is affected.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would cause a decrease in consumer surplus?

An increase in demand

A decrease in supply

A surplus in the market

A price floor below equilibrium price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Allocative efficiency is achieved in a market when:

The sum of consumer and producer surplus is maximized.

The market has a shortage.

Only consumer surplus is maximized.

Marginal cost exceeds marginal benefit.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Deadweight loss occurs when:

Marginal benefit equals marginal cost.

The market equilibrium is achieved.

There is underproduction or overproduction in a market.

Taxes are lowered on producers.

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