Market effeciency 101

Descripción

Mini quiz about consumer surplus and producer surplus
Abdelmuizz Yusuf
Test por Abdelmuizz Yusuf, actualizado hace más de 1 año
Abdelmuizz Yusuf
Creado por Abdelmuizz Yusuf hace casi 9 años
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Resumen del Recurso

Pregunta 1

Pregunta
Which best describes consumer surplus
Respuesta
  • 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

Pregunta 2

Pregunta
Community surplus equals:
Respuesta
  • Producer surplus minus consumer surplus
  • Profits plus utility
  • Total utility minus profits
  • Consumer surplus plus producer surplus

Pregunta 3

Pregunta
What best describes producer surplus
Respuesta
  • 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

Pregunta 4

Pregunta
Identify the producer surplus
Respuesta
  • D
  • C
  • A
  • B

Pregunta 5

Pregunta
Identify consumer surplus
Respuesta
  • D
  • A
  • C
  • B

Pregunta 6

Pregunta
Identify total societal welfare
Respuesta
  • A+C
  • B+D
  • A+B
  • D+C

Pregunta 7

Pregunta
What is the producer surplus at equilibrium price
Respuesta
  • 15
  • 10
  • 25
  • None of the above

Pregunta 8

Pregunta
What is the consumer surplus at the equilibrium price
Respuesta
  • 10
  • 15
  • 25
  • None of the above

Pregunta 9

Pregunta
Calculate the total societal welfare at equilibrium price
Respuesta
  • 10
  • 15
  • 25
  • None of the above
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