Chap 7

Chap 7

University

20 Qs

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Chap 7

Chap 7

Assessment

Quiz

Other

University

Practice Problem

Hard

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer surplus is the area ________.

above the supply curve and below the price

below the demand curve and above the supply curve

below the demand curve and above the price

below the supply curve and above the price

above the demand curve and below the price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A buyer's willingness to pay is ________.

that buyer's consumer surplus

that buyer's producer surplus

that buyer's maximum amount they are willing to pay for a good

that buyer's minimum amount they are willing to pay for a good

none of the answer choices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a buyer's willingness to pay for a new Toyota is $40,000 and they are able to actually buy it for $38,000, their consumer surplus is ________.

$40,000

$38,000

$78,000

$2,000

$0

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An increase in the price of a good along a stationary demand curve ________.

decreases consumer surplus

improves the material welfare of the buyers

increases consumer surplus

improves market efficiency

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose there are three identical mugs available to be purchased. Buyer 1 is willing to pay $30 for one, buyer 2 is willing to pay $25 for one, and buyer 3 is willing to pay $20 for one. If the price is $25, how many mugs will be sold and what is the value of consumer surplus in this market?

Three mugs will be sold, and consumer surplus is $0.

Two mugs will be sold, and consumer surplus is $5.

Three mugs will be sold, and consumer surplus is $80.

One mug will be sold, and consumer surplus is $30.

One mug will be sold, and consumer surplus is $5.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Producer surplus is the area ________.

above the demand curve and below the price

below the supply curve and above the price

below the demand curve and above the supply curve

above the supply curve and below the price

below the demand curve and above the price

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a benevolent social planner chooses to produce less than the equilibrium quantity of a good, then ________.

consumer surplus is maximized

the value placed on the last unit of production by buyers exceeds the cost of production

producer surplus is maximized

the cost of production on the last unit produced exceeds the value placed on it by buyers

total surplus is maximized

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