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Questions in this quiz (5)
1What is meant by the term margin?
- AA measure of desire.
- BThe extra or additional unit.
- CA measure of the ability to purchase.
- DThe difference between the total and the average.
2If the price of inputs increases:
- ASupply shifts left.
- BSupply shifts right.
- CDemand shifts left.
- DDemand shifts right.
- EPrice increases.
- FPrice decreases.
- GQuantity increases.
- HQuantity decreases.
3A market is considered to be in "equilibrium" when marginal benefit is equal to marginal cost.
- ATrue
- BFalse
4What is true about point E*?
- Amarginal revenue = marginal benefit
- Bmarginal revenue > marginal benefit
- Cmarginal benefit < marginal benefit
5The additional benefit to a consumer from consuming one more unit of a good or service is called [blank_start]marginal benefit[blank_end].
The additional cost to a firm of producing one more unit of a good or service is called [blank_start]marginal cost[blank_end].
A legally determined maximum price that sellers may charge is called a [blank_start]price ceiling[blank_end].
A legally determined minimum price that sellers may receive is called a [blank_start]price floor[blank_end].
The difference between the highest price a consumer is willing to pay and the price the consumer actually pays is called [blank_start]consumer surplus[blank_end].
The difference between the lowest price a firm would be willing to accept and the price it actually receives is called [blank_start]producer surplus[blank_end].
The reduction in economic surplus resulting from a market not being in competitive equilibrium is called [blank_start]deadweight loss[blank_end].- Amarginal benefit
- Bmarginal cost
- Cprice ceiling
- Dprice floor
- Econsumer surplus
- Fproducer surplus
- Gdeadweight loss
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- Economics Club
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