Market effeciency 101

Abdelmuizz Yusuf
Quiz by Abdelmuizz Yusuf, updated more than 1 year ago
Abdelmuizz Yusuf
Created by Abdelmuizz Yusuf about 6 years ago
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Description

Mini quiz about consumer surplus and producer surplus

Resource summary

Question 1

Question
Which best describes consumer surplus
Answer
  • The price consumers are willing to pay for a unit
  • The cost of providing a unit
  • Profits made by a firm
  • The difference between the price a consumer pays for an item and the price he/she is willing to pay for it

Question 2

Question
Community surplus equals:
Answer
  • Producer surplus minus consumer surplus
  • Profits plus utility
  • Total utility minus profits
  • Consumer surplus plus producer surplus

Question 3

Question
What best describes producer surplus
Answer
  • The difference between the amount the producer is willing to supply goods for and the actual amount received by him when he makes the trade.
  • Profit made by producers
  • Loss of cost of production by producers
  • All of the above

Question 4

Question
Identify the producer surplus
Answer
  • D
  • C
  • A
  • B

Question 5

Question
Identify consumer surplus
Answer
  • D
  • A
  • C
  • B

Question 6

Question
Identify total societal welfare
Answer
  • A+C
  • B+D
  • A+B
  • D+C

Question 7

Question
What is the producer surplus at equilibrium price
Answer
  • 15
  • 10
  • 25
  • None of the above

Question 8

Question
What is the consumer surplus at the equilibrium price
Answer
  • 10
  • 15
  • 25
  • None of the above

Question 9

Question
Calculate the total societal welfare at equilibrium price
Answer
  • 10
  • 15
  • 25
  • None of the above
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