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Deck 4: Markets and Government
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Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $15
C) $25
D) $30
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $15
C) $25
D) $30
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Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $30
B) $60
C) $140
D) $280
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $30
B) $60
C) $140
D) $280
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Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $160
D) $320
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $160
D) $320
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Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $6
B) $14
C) $20
D) $60
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $6
B) $14
C) $20
D) $60
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Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $25
B) $40
C) $80
D) $160
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $25
B) $40
C) $80
D) $160
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Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for producer surplus?
A) (h - i)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - j)× (k - i)
D) 0.5 × (i - j)× (k - i)
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for producer surplus?
A) (h - i)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - j)× (k - i)
D) 0.5 × (i - j)× (k - i)
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Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $30
B) $60
C) $140
D) $280
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $30
B) $60
C) $140
D) $280
Question
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Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $8
B) $10
C) $13
D) $40
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $8
B) $10
C) $13
D) $40
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Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $30
C) $54
D) $60
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $30
C) $54
D) $60
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Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for consumer surplus?
A) (h - j)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - i)× (k - i)
D) 0.5 × (h - j)× (k - i)
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for consumer surplus?
A) (h - j)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - i)× (k - i)
D) 0.5 × (h - j)× (k - i)
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Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $40
B) $80
C) $130
D) $160
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $40
B) $80
C) $130
D) $160
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Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $12
B) $15
C) $25
D) $30
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $12
B) $15
C) $25
D) $30
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Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents producer surplus?
A) the triangle hik
B) the line ij
C) the line hi
D) the triangle jik
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents producer surplus?
A) the triangle hik
B) the line ij
C) the line hi
D) the triangle jik
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Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $15
B) $30
C) $54
D) $60
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $15
B) $30
C) $54
D) $60
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Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents consumer surplus?
A) the triangle hjk
B) the line hij
C) the line hi
D) the triangle hik
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents consumer surplus?
A) the triangle hjk
B) the line hij
C) the line hi
D) the triangle hik
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Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $60
B) $120
C) $320
D) $440
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $60
B) $120
C) $320
D) $440
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Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $200
D) $280
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $200
D) $280
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Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,total surplus is:
A) $600.
B) $200.
C) $1,200.
D) 80 units.
Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,total surplus is:
A) $600.
B) $200.
C) $1,200.
D) 80 units.
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Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total consumer surplus is shown by area:
A) acdf.
B) bcde.
C) bce.
D) abe.
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total consumer surplus is shown by area:
A) acdf.
B) bcde.
C) bce.
D) abe.
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Figure: Interpreting Surplus
(Figure: Interpreting Surplus)In the supply/demand graph:
A) consumer surplus is $50,000 and producer surplus is $100,000.
B) total market surplus is $200,000.
C) total market surplus is $50,000.
D) consumer surplus exceeds producer surplus.
Figure: Interpreting Surplus
(Figure: Interpreting Surplus)In the supply/demand graph:
A) consumer surplus is $50,000 and producer surplus is $100,000.
B) total market surplus is $200,000.
C) total market surplus is $50,000.
D) consumer surplus exceeds producer surplus.
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Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total consumer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total consumer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
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Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In this graph,total surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In this graph,total surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
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Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the efficient level of output?
A) 0
B) 5
C) 10
D) 14
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the efficient level of output?
A) 0
B) 5
C) 10
D) 14
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Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)Using this graph,efficiency in this market is achieved at a price of:
A) $14.
B) $10.
C) $4.
D) $0.
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)Using this graph,efficiency in this market is achieved at a price of:
A) $14.
B) $10.
C) $4.
D) $0.
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Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $8
B) $5
C) $10
D) $25
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $8
B) $5
C) $10
D) $25
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Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the producer surplus?
A) $30
B) $40
C) $60
D) $20
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the producer surplus?
A) $30
B) $40
C) $60
D) $20
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Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $80
D) $160
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $80
D) $160
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Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $50
D) $80
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $50
D) $80
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Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total producer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total producer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
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Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total producer surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total producer surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
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Figure: Determining Producer Surplus
(Figure: Determining Producer Surplus)In the graph,what is the total producer surplus for the specific firms?
A) $15
B) $10
C) $24
D) $18
Figure: Determining Producer Surplus
(Figure: Determining Producer Surplus)In the graph,what is the total producer surplus for the specific firms?
A) $15
B) $10
C) $24
D) $18
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Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the sum of consumer and producer surplus?
A) $30
B) $140
C) $50
D) $0
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the sum of consumer and producer surplus?
A) $30
B) $140
C) $50
D) $0
Question
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Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the consumer surplus?
A) $30
B) $40
C) $60
D) $20
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the consumer surplus?
A) $30
B) $40
C) $60
D) $20
Question
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Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,consumer surplus is ______ and producer surplus is ______.
A) $400;$200
B) $800;$400
C) $20;$10
D) 40 units;40 units
Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,consumer surplus is ______ and producer surplus is ______.
A) $400;$200
B) $800;$400
C) $20;$10
D) 40 units;40 units
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Deck 4: Markets and Government
1
Suppose that a customer's willingness to pay for a product is $79,and the seller's willingness to sell is $64.If the negotiated price is $68,how much is producer surplus?
A) $4
B) $11
C) $15
D) $21
A) $4
B) $11
C) $15
D) $21
$4
2
Suppose that a customer's willingness to pay for a product is $120,and the seller's willingness to sell is $110.If the negotiated price is $119:
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
producer surplus is greater than consumer surplus.
3
Suppose that a customer's willingness to pay for a product is $120,and the seller's willingness to sell is $110.If the negotiated price is $119,how much is consumer surplus?
A) $1
B) $9
C) $10
D) $20
A) $1
B) $9
C) $10
D) $20
$1
4
Suppose that a customer's willingness to pay for a product is $79,and the seller's willingness to sell is $64.If the negotiated price is $68,how much is consumer surplus?
A) $4
B) $11
C) $15
D) $21
A) $4
B) $11
C) $15
D) $21
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5
Suppose that a customer's willingness to pay for a product is $5,and the seller's willingness to sell is $2.If the negotiated price is $4,how much is consumer surplus?
A) $1
B) $2
C) $5
D) $8
A) $1
B) $2
C) $5
D) $8
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6
Suppose that a customer's willingness to pay for a product is $5,and the seller's willingness to sell is $2.If the negotiated price is $3,how much is producer surplus?
A) $1
B) $2
C) $5
D) $8
A) $1
B) $2
C) $5
D) $8
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7
Suppose that a customer's willingness to pay for a product is $5,and the seller's willingness to sell is $2.If the negotiated price is $3:
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
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8
Suppose that a customer's willingness to pay for a product is $1,480,and the seller's willingness to sell is $1,210.If the negotiated price is $1,300,how much is consumer surplus?
A) $90
B) $180
C) $220
D) $270
A) $90
B) $180
C) $220
D) $270
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9
Producer surplus is defined as the:
A) gap between the demand curve and the market price.
B) gap between the supply curve and the market price.
C) difference between a price floor and the market price.
D) difference between a price ceiling and the market price.
A) gap between the demand curve and the market price.
B) gap between the supply curve and the market price.
C) difference between a price floor and the market price.
D) difference between a price ceiling and the market price.
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10
Suppose that a customer's willingness to pay for a product is $5,and the seller's willingness to sell is $2.If the negotiated price is $4:
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
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11
Producer surplus is the difference between the:
A) minimum price the buyer is willing to accept and the market price.
B) maximum price the buyer is willing to accept and the market price.
C) market price and the minimum price the seller is willing to accept.
D) maximum price the seller is willing to accept and the market price.
A) minimum price the buyer is willing to accept and the market price.
B) maximum price the buyer is willing to accept and the market price.
C) market price and the minimum price the seller is willing to accept.
D) maximum price the seller is willing to accept and the market price.
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12
Suppose that a customer's willingness to pay for a product is $79,and the seller's willingness to sell is $64.If the negotiated price is $65:
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
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13
The gap between the supply curve and the market price is called:
A) consumer surplus.
B) deadweight loss.
C) markup.
D) producer surplus.
A) consumer surplus.
B) deadweight loss.
C) markup.
D) producer surplus.
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14
Suppose that a customer's willingness to pay for a product is $1,480,and the seller's willingness to sell is $1,210.If the negotiated price is $1,300:
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
A) consumer surplus is negative.
B) consumer surplus is greater than producer surplus.
C) producer surplus is negative.
D) producer surplus is greater than consumer surplus.
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15
Suppose that a customer's willingness to pay for a product is $5,and the seller's willingness to sell is $4.If the negotiated price is $3,how much is consumer surplus?
A) $1
B) $2
C) $5
D) $8
A) $1
B) $2
C) $5
D) $8
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16
Suppose that a customer's willingness to pay for a product is $5,and the seller's willingness to sell is $2.If the negotiated price is $3,how much is consumer surplus?
A) $1
B) $2
C) $5
D) $8
A) $1
B) $2
C) $5
D) $8
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17
Suppose that a customer's willingness to pay for a product is $1,480,and the seller's willingness to sell is $1,210.If the negotiated price is $1,300,how much is producer surplus?
A) $90
B) $210
C) $220
D) $270
A) $90
B) $210
C) $220
D) $270
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18
Consumer surplus is defined as the:
A) gap between the demand curve and the market price.
B) gap between the supply curve and the market price.
C) difference between a price floor and the market price.
D) difference between a price ceiling and the market price.
A) gap between the demand curve and the market price.
B) gap between the supply curve and the market price.
C) difference between a price floor and the market price.
D) difference between a price ceiling and the market price.
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19
The gap between the demand curve and the market price is called:
A) consumer surplus.
B) deadweight loss.
C) profit.
D) producer surplus.
A) consumer surplus.
B) deadweight loss.
C) profit.
D) producer surplus.
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20
Consumer surplus is the difference between the:
A) minimum price the buyer is willing to pay and the market price.
B) maximum price the buyer is willing to pay and the market price.
C) minimum price the seller is willing to pay and the market price.
D) maximum price the seller is willing to pay and the market price.
A) minimum price the buyer is willing to pay and the market price.
B) maximum price the buyer is willing to pay and the market price.
C) minimum price the seller is willing to pay and the market price.
D) maximum price the seller is willing to pay and the market price.
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21
From a demand curve,consumer surplus is the area:
A) above the market price and below the demand curve.
B) below the market price.
C) above the market price.
D) below the market price and above the demand curve.
A) above the market price and below the demand curve.
B) below the market price.
C) above the market price.
D) below the market price and above the demand curve.
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22
Suppose that a customer's willingness to pay for a product is $1,480,and the seller's willingness to sell is $1,210.If the negotiated price is $1479:
A) consumer surplus is nonexistent.
B) consumer surplus is greater than producer surplus.
C) producer surplus is nonexistent.
D) producer surplus is greater than consumer surplus.
A) consumer surplus is nonexistent.
B) consumer surplus is greater than producer surplus.
C) producer surplus is nonexistent.
D) producer surplus is greater than consumer surplus.
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23
Suppose the market price is $5.There are three consumers in the market.The consumer who purchases the first unit of output is willing to pay $12;the consumer purchasing the second unit of output is willing to pay $8;and the consumer buying the third unit of output is willing to pay $7.Total consumer surplus is:
A) $27.
B) $11.
C) $12.
D) $32.
A) $27.
B) $11.
C) $12.
D) $32.
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24
Producer surplus is shown graphically as the area:
A) under the demand curve and above the market price.
B) under the demand curve and below the market price.
C) above the supply curve and above the market price.
D) above the supply curve and below the market price.
A) under the demand curve and above the market price.
B) under the demand curve and below the market price.
C) above the supply curve and above the market price.
D) above the supply curve and below the market price.
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25
Jonathan purchased coffee for $5 at Jennifer's coffee shop;however,he was willing to pay $9.Jennifer was willing to accept $3 for the coffee.The results of this transaction are a consumer surplus of:
A) $12 and a producer surplus of $10.
B) $10 and a producer surplus of $12.
C) $2 and a producer surplus of $4.
D) $4 and a producer surplus of $2.
A) $12 and a producer surplus of $10.
B) $10 and a producer surplus of $12.
C) $2 and a producer surplus of $4.
D) $4 and a producer surplus of $2.
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26
The difference between what the market would be willing to pay and the market price is:
A) an externality.
B) producer surplus.
C) consumer surplus.
D) competition.
A) an externality.
B) producer surplus.
C) consumer surplus.
D) competition.
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27
Suppose the actual price for good A is $20.John is willing to pay $30,Susie is willing to pay $28,Joseph is willing to pay $25,Jessica is willing to pay $23,and Jeremy is willing to pay $21.What is total consumer surplus?
A) $23
B) $25
C) $27
D) $30
A) $23
B) $25
C) $27
D) $30
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28
Producer surplus is the:
A) difference between market price and the price at which firms would be willing to supply the product.
B) surplus of revenue earned by suppliers over cost incurred to produce the goods.
C) difference between what consumers are willing to pay and the price sellers are willing to sell at.
D) excess of actual revenue over revenue that should be earned.
A) difference between market price and the price at which firms would be willing to supply the product.
B) surplus of revenue earned by suppliers over cost incurred to produce the goods.
C) difference between what consumers are willing to pay and the price sellers are willing to sell at.
D) excess of actual revenue over revenue that should be earned.
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29
Consumer surplus is shown graphically as the area:
A) under the demand curve and above the market price.
B) under the demand curve and below the market price.
C) above the supply curve and above the market price.
D) above the supply curve and below the market price.
A) under the demand curve and above the market price.
B) under the demand curve and below the market price.
C) above the supply curve and above the market price.
D) above the supply curve and below the market price.
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30
Consumer surplus and producer surplus are maximized at:
A) a price below equilibrium in the market.
B) a price above equilibrium in the market.
C) the market equilibrium price.
D) the price of $0.
A) a price below equilibrium in the market.
B) a price above equilibrium in the market.
C) the market equilibrium price.
D) the price of $0.
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31
Suppose that a customer's willingness to pay for a product is $1,480,and the seller's willingness to sell is $1,210.If the negotiated price is $1,479,how much is producer surplus?
A) $0
B) $1
C) $210
D) $269
A) $0
B) $1
C) $210
D) $269
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32
The difference between market price and the price at which sellers would be willing to supply the product is called:
A) externalities.
B) producer surplus.
C) consumer surplus.
D) competition.
A) externalities.
B) producer surplus.
C) consumer surplus.
D) competition.
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33
Mike really enjoys Bitter Sweet coffee and is willing to pay $10 per cup.The retail price is $3.
A) Mike's consumer surplus is $10 per cup.
B) Mike has a consumer surplus of $7 per cup.
C) The seller can raise price to $13 and still make a sale to Mike.
D) Mike is getting a poor deal on the coffee.
A) Mike's consumer surplus is $10 per cup.
B) Mike has a consumer surplus of $7 per cup.
C) The seller can raise price to $13 and still make a sale to Mike.
D) Mike is getting a poor deal on the coffee.
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34
If an individual consumer is willing to pay $20 for a pizza,but the price of the pizza is $10,then the amount of consumer surplus resulting from the purchase of that pizza would be:
A) $30.
B) $20.
C) $10.
D) There would be no consumer surplus.
A) $30.
B) $20.
C) $10.
D) There would be no consumer surplus.
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35
Suppose the market price is $5.The producer who sells the first unit of output has a willingness-to-sell equal to $1;the producer who sells the second unit of output has a willingness-to-sell equal to $2;and the producer who sells the third unit of output has a willingness-to-sell equal to $4.Total producer surplus is:
A) $7.
B) $8.
C) $4.
D) $5.
A) $7.
B) $8.
C) $4.
D) $5.
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36
In a market,consumers get extra benefits called ______________,while businesses receive extra benefits known as _________________.
A) producer surplus;consumer surplus
B) consumer surplus;producer surplus
C) opportunity cost;marginal cost
D) demand;supply
A) producer surplus;consumer surplus
B) consumer surplus;producer surplus
C) opportunity cost;marginal cost
D) demand;supply
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37
All else equal,consumers prefer market outcomes with:
A) more consumer surplus.
B) less consumer surplus.
C) more producer surplus.
D) the same amount of producer surplus.
A) more consumer surplus.
B) less consumer surplus.
C) more producer surplus.
D) the same amount of producer surplus.
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38
Jason purchased a new printer for $150 although he was willing to pay $175.The minimum price acceptable by the seller,Jasmine,was $145.The results of this transaction are a consumer surplus of:
A) $325 and a producer surplus of $295.
B) $25 and a producer surplus of $5.
C) $175 and a producer surplus of $145.
D) $150 and a producer surplus of $150.
A) $325 and a producer surplus of $295.
B) $25 and a producer surplus of $5.
C) $175 and a producer surplus of $145.
D) $150 and a producer surplus of $150.
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39
If you are willing to sell your old bicycle for $30,but someone offers you $40 for it,the results of the transaction would yield:
A) $10 worth of producer surplus and unknown consumer surplus.
B) $10 worth of consumer surplus and unknown producer surplus.
C) $30 worth of consumer surplus and $10 worth of producer surplus.
D) $30 worth of producer surplus and $10 worth of consumer surplus.
A) $10 worth of producer surplus and unknown consumer surplus.
B) $10 worth of consumer surplus and unknown producer surplus.
C) $30 worth of consumer surplus and $10 worth of producer surplus.
D) $30 worth of producer surplus and $10 worth of consumer surplus.
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40
Suppose that a customer's willingness to pay for a product is $1,480,and the seller's willingness to sell is $1,210.If the negotiated price is $1,479,how much is consumer surplus?
A) $0
B) $1
C) $210
D) $269
A) $0
B) $1
C) $210
D) $269
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41
Use the following to answer questions
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $15
C) $25
D) $30
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $15
C) $25
D) $30
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42
Use the following to answer questions
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $30
B) $60
C) $140
D) $280
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $30
B) $60
C) $140
D) $280
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43
Use the following to answer questions
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $160
D) $320
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $160
D) $320
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44
Suppose the market price is $5.The buyer who buys the first unit of output has a willingness-to-buy equal to $10;the buyer who buys the second unit of output has a willingness-to-buy equal to $9;and the buyer who buys the first unit of output has a willingness-to-buy equal to $8.Total consumer surplus is:
A) $27.
B) $10.
C) $5.
D) $12.
A) $27.
B) $10.
C) $5.
D) $12.
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45
Producer surplus is the area:
A) above the market price and below the supply curve.
B) above the market price.
C) below the supply curve.
D) below the market price and above the supply curve.
A) above the market price and below the supply curve.
B) above the market price.
C) below the supply curve.
D) below the market price and above the supply curve.
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46
Use the following to answer questions
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $6
B) $14
C) $20
D) $60
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $6
B) $14
C) $20
D) $60
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47
When markets are efficient:
A) the sum of consumer and producer surplus is minimized.
B) the sum of consumer and producer surplus is maximized.
C) consumer surplus is maximized,but producer surplus is minimized.
D) consumer surplus is minimized,but producer surplus is maximized.
A) the sum of consumer and producer surplus is minimized.
B) the sum of consumer and producer surplus is maximized.
C) consumer surplus is maximized,but producer surplus is minimized.
D) consumer surplus is minimized,but producer surplus is maximized.
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48
Use the following to answer questions
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $25
B) $40
C) $80
D) $160
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $25
B) $40
C) $80
D) $160
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49
Use the following to answer questions
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for producer surplus?
A) (h - i)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - j)× (k - i)
D) 0.5 × (i - j)× (k - i)
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for producer surplus?
A) (h - i)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - j)× (k - i)
D) 0.5 × (i - j)× (k - i)
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50
Use the following to answer questions
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $30
B) $60
C) $140
D) $280
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $30
B) $60
C) $140
D) $280
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51
Use the following to answer questions
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $8
B) $10
C) $13
D) $40
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $8
B) $10
C) $13
D) $40
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52
Use the following to answer questions
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $30
C) $54
D) $60
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is producer surplus?
A) $12
B) $30
C) $54
D) $60
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53
Use the following to answer questions
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for consumer surplus?
A) (h - j)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - i)× (k - i)
D) 0.5 × (h - j)× (k - i)
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,what is the formula for consumer surplus?
A) (h - j)× (k - i)
B) (i - j)× (k - i)
C) 0.5 × (h - i)× (k - i)
D) 0.5 × (h - j)× (k - i)
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54
Use the following to answer questions
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $40
B) $80
C) $130
D) $160
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is consumer surplus?
A) $40
B) $80
C) $130
D) $160
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55
Use the following to answer questions
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $12
B) $15
C) $25
D) $30
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $12
B) $15
C) $25
D) $30
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56
Use the following to answer questions
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents producer surplus?
A) the triangle hik
B) the line ij
C) the line hi
D) the triangle jik
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents producer surplus?
A) the triangle hik
B) the line ij
C) the line hi
D) the triangle jik
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57
Use the following to answer questions
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $15
B) $30
C) $54
D) $60
Figure: Determining Surplus 2
(Figure: Determining Surplus 2)In the graph,how much is consumer surplus?
A) $15
B) $30
C) $54
D) $60
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58
Use the following to answer questions
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents consumer surplus?
A) the triangle hjk
B) the line hij
C) the line hi
D) the triangle hik
Figure: Determining Surplus
(Figure: Determining Surplus)In the graph,which shape represents consumer surplus?
A) the triangle hjk
B) the line hij
C) the line hi
D) the triangle hik
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59
Use the following to answer questions
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $60
B) $120
C) $320
D) $440
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is consumer surplus?
A) $60
B) $120
C) $320
D) $440
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60
Use the following to answer questions
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $200
D) $280
Figure: Determining Surplus 3
(Figure: Determining Surplus 3)In the graph,how much is producer surplus?
A) $60
B) $140
C) $200
D) $280
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61
Use the following to answer question
Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,total surplus is:
A) $600.
B) $200.
C) $1,200.
D) 80 units.
Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,total surplus is:
A) $600.
B) $200.
C) $1,200.
D) 80 units.
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62
Use the following to answer questions
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total consumer surplus is shown by area:
A) acdf.
B) bcde.
C) bce.
D) abe.
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total consumer surplus is shown by area:
A) acdf.
B) bcde.
C) bce.
D) abe.
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63
Use the following to answer question
Figure: Interpreting Surplus
(Figure: Interpreting Surplus)In the supply/demand graph:
A) consumer surplus is $50,000 and producer surplus is $100,000.
B) total market surplus is $200,000.
C) total market surplus is $50,000.
D) consumer surplus exceeds producer surplus.
Figure: Interpreting Surplus
(Figure: Interpreting Surplus)In the supply/demand graph:
A) consumer surplus is $50,000 and producer surplus is $100,000.
B) total market surplus is $200,000.
C) total market surplus is $50,000.
D) consumer surplus exceeds producer surplus.
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64
Use the following to answer questions
Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total consumer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total consumer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
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65
Use the following to answer questions
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In this graph,total surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In this graph,total surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
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66
Total surplus is calculated as:
A) consumer surplus plus market efficiency.
B) producer surplus plus deadweight loss.
C) consumer surplus plus deadweight loss.
D) producer surplus plus consumer surplus.
A) consumer surplus plus market efficiency.
B) producer surplus plus deadweight loss.
C) consumer surplus plus deadweight loss.
D) producer surplus plus consumer surplus.
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67
Use the following to answer questions
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the efficient level of output?
A) 0
B) 5
C) 10
D) 14
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the efficient level of output?
A) 0
B) 5
C) 10
D) 14
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68
Use the following to answer questions
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)Using this graph,efficiency in this market is achieved at a price of:
A) $14.
B) $10.
C) $4.
D) $0.
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)Using this graph,efficiency in this market is achieved at a price of:
A) $14.
B) $10.
C) $4.
D) $0.
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69
Use the following to answer questions
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $8
B) $5
C) $10
D) $25
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $8
B) $5
C) $10
D) $25
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70
Use the following to answer questions
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the producer surplus?
A) $30
B) $40
C) $60
D) $20
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the producer surplus?
A) $30
B) $40
C) $60
D) $20
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71
The measure of society's benefits due to a market transaction is called:
A) consumer surplus.
B) deadweight loss.
C) producer surplus.
D) total surplus.
A) consumer surplus.
B) deadweight loss.
C) producer surplus.
D) total surplus.
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72
Use the following to answer questions
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $80
D) $160
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $80
D) $160
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73
Use the following to answer questions
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $50
D) $80
Figure: Determining Surplus 4
(Figure: Determining Surplus 4)In the graph,how much is producer surplus?
A) $25
B) $40
C) $50
D) $80
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74
Use the following to answer questions
Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total producer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
Figure: Determining Surplus 6
(Figure: Determining Surplus 6)Using the graph,we can calculate the total producer surplus as:
A) $10,000.
B) $20,000.
C) $40,000.
D) $80,000.
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75
Use the following to answer questions
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total producer surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
Figure: Determining Total Surplus
(Figure: Determining Total Surplus)In the graph,total producer surplus is shown by area:
A) acdf.
B) ace.
C) bce.
D) abe.
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76
At equilibrium price:
A) consumer surplus is maximized and producer surplus is minimized.
B) producer surplus is maximized and consumer surplus is minimized.
C) the sum of consumer surplus and producer surplus is maximized.
D) the sum of consumer surplus and producer surplus is minimized
A) consumer surplus is maximized and producer surplus is minimized.
B) producer surplus is maximized and consumer surplus is minimized.
C) the sum of consumer surplus and producer surplus is maximized.
D) the sum of consumer surplus and producer surplus is minimized
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77
Use the following to answer question
Figure: Determining Producer Surplus
(Figure: Determining Producer Surplus)In the graph,what is the total producer surplus for the specific firms?
A) $15
B) $10
C) $24
D) $18
Figure: Determining Producer Surplus
(Figure: Determining Producer Surplus)In the graph,what is the total producer surplus for the specific firms?
A) $15
B) $10
C) $24
D) $18
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78
Use the following to answer questions
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the sum of consumer and producer surplus?
A) $30
B) $140
C) $50
D) $0
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the sum of consumer and producer surplus?
A) $30
B) $140
C) $50
D) $0
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79
Use the following to answer questions
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the consumer surplus?
A) $30
B) $40
C) $60
D) $20
Figure: Understanding Surplus and Efficiency
(Figure: Understanding Surplus and Efficiency)In the graph,what is the consumer surplus?
A) $30
B) $40
C) $60
D) $20
Unlock Deck
Unlock for access to all 317 flashcards in this deck.
Unlock Deck
k this deck
80
Use the following to answer question
Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,consumer surplus is ______ and producer surplus is ______.
A) $400;$200
B) $800;$400
C) $20;$10
D) 40 units;40 units
Figure: Determining Surplus 5
(Figure: Determining Surplus 5)According to the graph,at equilibrium,consumer surplus is ______ and producer surplus is ______.
A) $400;$200
B) $800;$400
C) $20;$10
D) 40 units;40 units
Unlock Deck
Unlock for access to all 317 flashcards in this deck.
Unlock Deck
k this deck
Unlock Deck
Unlock for access to all 317 flashcards in this deck.
