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If the price of a good rises while demand remains unchanged, then total consumer surplus will ____________.

decrease remain unchanged We cant say. increase

Question 2
[Q#3011]

Aisha is willing to spend $22 for a haircut. If she finds a salon where the price of a haircut is only $15, she will receive ______ in consumer surplus from this transaction. $7 $22 $15 $0

Question 3
[Q#3015]

Natasha, Nelson, and Nikolai are all looking to buy flashlights for a camping trip. Natasha is willing to pay $4, Nelson is willing to pay $10, and Nikolai is willing to pay $20. If the actual price of a flashlight turns out to be $18, what is the total consumer surplus for these three shoppers? $2 0 -$20 $16

Question 4
[Q#3023]

If the price of a good rises while supply remains unchanged, then total producer surplus will ____________.

increase remain unchanged decrease We cant say.

Question 5
[Q#3025]

You are willing to sell your coin collection for a minimum price of $1,000. You find a buyer who offers $1,200. In this transaction, you will receive ________ in producer surplus. $1,200 $200 $1,000 $0

Question 6
[Q#3030]

Ahmed is willing to mow lawns for $10 each, Boris is willing to mow lawns for $20 each, and Chelsea is willing to mow lawns for $30 each. If the going rate for lawn mowing is $22, what is the total producer surplus received by the three of them? $14 $44 $6 0

Question 7
[Q#3039]

Total surplus in the market is equal to: the sum of consumer surplus and producer surplus. the number of producers. the number of consumers.

the difference between consumer surplus and producer surplus.

Question 8
[Q#3047]

Milk is an input in the production of cheese, and cheese and bagels are complements. A decrease in the price of milk will _________ the consumer surplus in the market for bagels. not change decrease increase first increase and then decrease

Question 9
[Q#3050]

Rubber is an input in the production of tires, and tires and cars are complements. An increase in the price of rubber will _________ the total surplus in the market for cars (assume that neither curve is perfectly inelastic). not change increase decrease first increase and then decrease

Question 10
[Q#3056]

If the price of a good is held below the equilibrium price: quantity supplied will exceed quantity demanded. supply will decrease quantity demanded will exceed quantity supplied. demand will increase.

Question 11

[Q#3061]

The going rent in the market for 1-bedroom apartments in your neighborhood is $400. If the government imposes a price ceiling of $600 in this market: More people will be willing to rent apartments at every price. Less people will rent apartments. More people will rent apartments. The same number of apartments will be rented

Question 12
[Q#3068]

If the price of a good is held above the equilibrium price: quantity demanded will exceed quantity supplied. quantity supplied will exceed quantity demanded. supply will increase. demand will decrease.

Question 13
[Q#3072]

A price floor in the market for wheat that is set above the current market price: decreases the price received by farmers. decreases the price paid by consumers. increases the price paid by consumers. does not change the price received by farmers.

Question 14
[Q#3074]

The going rent in the market for 1-bedroom apartments in your neighborhood is $400. If the government imposes a price ceiling of $200 in this market total surplus in this market will: increase decrease

not change decrease first, and then increase

Question 15
[Q#3078]

The current price in the market for milk is $2.00 If the government imposed a price floor of $4.00 in this market total surplus would ____________. decrease decrease first, and then increase increase not change

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