

Consumer Surplus and Demand Concepts
Interactive Video
•
Business
•
9th - 10th Grade
•
Practice Problem
•
Hard
Thomas White
FREE Resource
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14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in solving a consumer surplus problem?
Determine the equilibrium price
Identify the supply curve
Draw the price line
Calculate the total revenue
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In a demand curve, where is the consumer surplus located?
Below the demand curve and above the supply curve
Above the price line and below the demand curve
Below the price line
Above the supply curve
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do you calculate consumer surplus for an individual?
Demand minus supply
Willingness to pay minus price
Price minus cost
Total revenue minus total cost
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a consumer's willingness to pay is $300 and the price is $50, what is the consumer surplus?
$50
$300
$350
$250
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which consumer will buy a product if the price is $110?
A consumer with a willingness to pay of $90
A consumer with a willingness to pay of $120
A consumer with a willingness to pay of $110
A consumer with a willingness to pay of $100
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when the price is higher than a consumer's willingness to pay?
The consumer buys the product
The consumer buys more of the product
The consumer negotiates the price
The consumer does not buy the product
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a consumer's willingness to pay change with more consumption?
It increases
It remains the same
It decreases
It fluctuates randomly
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