Refer to the diagram above. When quantity supplied and quantity demanded are equal, the sum of consumer surplus and producer surplus is equal to Select one: O a. $1,200. O b. $1,400. c. $2,000. O d. $2,400. O e. $600.
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- Suisnou 1o sni .an increase in the producer surplus in the housing market .d O A price ceiling makes it illegal to charge a higher price than the specified price :choose one true O Error O price floor results in a surplus if the floor price is higher than the equilibrium priceDollars per unit $20- S $15 e $10 $6 $2 2,000 1,000 1,200 Quantity per period Use the graph above. If the price in the market is $10, what is the consumer surplus in the market? O None of the answers is correct O $40,000 O2,000 units O $10,000 Consumer surplus Producer surplusOd. The quantity demanded Which of the following statements is TRUE? Select one: O a. Total surplus is the area between demand and price O b. Producer surplus is the area between suppy and price O c. Consumer surplus is the area between demand and the X-axis O d. Consumer surplus is the area between supply and the X-axis Nert p
- Which of the following statements is false regarding Producer Surplus? Time le O a. Producer surplus is the net economic benefit received by producers O b. Producer surplus is the difference between market price and marginal cost O c. Producer surplus is maximum under unregulated markets when there are sales taxes Od. Producer surplus is the area below the market price and above the supply curve Oe. Producer surplus is the difference between the total surplus and consumer surplusAnna Brian Clem Dave Refer to Table 12-1. Assume that the price of a weekend ski pass is $45 and that the price reflects the actual unit cost of providing a weekend of skiing. How much consumer surplus accrues to Anna and Clem individually? D O a. $85 and $40 respectively O b. $105 and $30 respectively O c. $125 and $20 respectively O d. $65 and $50 respectively X $ 4 F4 R с JE V *F5 % 5 T F6 6 > Table 12-1 Person Value of a Weekend Ski Trip (Dollars) F7 G H & E 7 F8 * 8 8 F9 150 90 75 50 B N M ( 9 U U K F10 O ☀- 0 F11 ☀+ F12 11 PrtSc [ + 11 InsertRefer to Figure 7-2. At the equilibrium price, consumer surplus is O a $1,600 O b. $1,400. O $700 Od 1800 180 150 120 110 PRICE 90 28 2 6 10 15 QUANTITY 20 25 Supply Demand 30
- Which best describes producer surplus? O a. The profits made by a firm O b. The difference between the willingness to sell for an item and the price he/she will receive for the good it sells O c. The price producers would like to receive to accept to sell a unit of the good O d. The cost of providing a unit We can measure total consumer surplus for good X as: O a. the area bounded by the demand curve for X and the two axes. O b. the area above the demand curve for X and below the price of X. O c. the sum of the individual consumer surpluses for all buyers of X O d. the area above the supply curve for X.If the price of the good in the market below increases from $1.50 to $2.50, what is the change in Consumer Surplus? 5.50 5.00 4.50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 280 O a.-480 Ob.-600 OC.-520 O d.-560 320 360 400 440 480 520 560 600What is the consumer surplus when the price is $20? Price 40 35 + 30 25 + 20 15 10 D 10 20 30 40 s0 60 70 00 Duantity Select one: O a. $20 O b. $1000 O. $500 O d. $50
- The graph shows the demand curve for textbooks. Suppose the price of a textbook is $150. Draw an arrow that shows the consumer surplus on the 1 millionth textbook bought. Consumer surplus is O A. equal to the amount that we pay for a good or service O B. greater on the 100th unit of a good that we buy than on the 1st unit of a good that we buy O C. the value that we receive by purchasing a good or service O D. measured as the marginal benefit (or value) of a good minus the price paid for it, summed over the quantity bought 250- 200- 150- 100- 50- 0- Price (dollars per textbook) Market price D = MSB o 2 3 5 Quantity (millions of textbooks per year) >>> Draw only the objects specified in the question. Qles of Microeconomics Spring20 fall20 Consumer surplus is the Select one: O A. price of a good expressed in dollars. O B. value of a good expressed in dollars. on O C. value of a good plus the price paid for it summed over the quantity bought. O D. value of a good minus the price paid for it summed over the quantity bought.By how much will consumer surplus increase if the price of the product decreases from $15 to $10? $185 $160 $441 O $256 Price $31 $15 $10 32 42 D Quantity