Question 1

Figure: The Market for Hamburgers
   (Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.The figure shows the weekly market for hamburgers in Tuscaloosa.If 400 hamburgers are sold, consumer surplus will equal: 
A.$650.
B.$400.
C.$225.
D.$450.

Accepted Answer

The answer of Figure: The Market for Hamburgers
  ...

Question 2

Figure: Consumer Surplus I
   (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.If the good is free, consumer surplus equals the area: 
A.ABP₂.
B.AFP₁.
C.BGF.
D.AQ₃0.

Accepted Answer

The answer of Figure: Consumer Surplus I
   (Figure:...

Question 3

Figure: Consumer Surplus III
  (Figure: Consumer Surplus III) Look at the figure Consumer Surplus III.In the figure, total consumer surplus is when the price is $10. 
A.$50
B.$59
C.$124
D.$144

Accepted Answer

The answer of Figure: Consumer Surplus III
  (Figure: Consumer...

Question 4

Figure: Consumer Surplus III
  (Figure: Consumer Surplus III) Look at the figure Consumer Surplus III.In the figure, when the price falls from $30 to $25, consumer surplus ________ for a total consumer surplus of _. 
A.increases by $25; $74
B.decreases by $15; $34
C.increases by $15; $64
D.increases by $5; $54

Accepted Answer

The answer of Figure: Consumer Surplus III
  (Figure: Consumer...

Question 5

Figure: Consumer Surplus II
(Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good increases from $3 to $4, consumer surplus will decrease by:
A.$5.
B.$10.
C.$15.
D.$20.

Accepted Answer

The answer of Figure: Consumer Surplus II
(Figure: Consumer Surplus II)...

Question 6

Figure: Consumer Surplus I
   (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.At a price of P₂, consumer surplus equals the area: 
A.ABP₂.
B.AFP₁.
C.AQ₃0.
D.P₁P₂BF.

Accepted Answer

The answer of Figure: Consumer Surplus I
   (Figure:...

Question 7

Which of the following is most likely to increase consumer surplus in the market for cotton T-shirts?
A.Weather conditions provide for an extremely productive cotton harvest.
B.Consumer incomes fall and cotton T-shirts are normal goods.
C.The price of polyester T-shirts falls.
D.The price of industrial sewing machines used to produce garments increases.

Accepted Answer

The answer of Which of the following is most likely...

Question 8

Figure: Consumer Surplus II
   (Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good decreases from $2 to $1, consumer surplus will increase by: 
A.$5.
B.$10.
C.$25.
D.$35.

Accepted Answer

The answer of Figure: Consumer Surplus II
   (Figure:...

Question 9

Figure: Consumer Surplus I
(Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.If the price rises from P₁ to P₂, consumer surplus decreases by the area:
A.ABP₂.
B.AFP₁.
C.BGF.
D.P₁P₂BF.

Accepted Answer

The answer of Figure: Consumer Surplus I
(Figure: Consumer Surplus I)...

Question 10

Along a given demand curve, a decrease in the price of a good:
A.will increase consumer surplus.
B.will decrease consumer surplus.
C.will have no effect on consumer surplus.
D.It's impossible to tell what will happen to consumer surplus.

Accepted Answer

The answer of Along a given demand curve, a decrease...

Question 11

Figure: Consumer Surplus I
   (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.If the price falls from P₂ to P₁, consumer surplus increases by the area: 
A.ABP₂.
B.AFP₁.
C.BGF.
D.P₁P₂BF.

Accepted Answer

The answer of Figure: Consumer Surplus I
   (Figure:...

Question 12

Figure: The Market for Hamburgers   (Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.The figure shows the weekly market for hamburgers in Tuscaloosa.If the price of a hamburger falls from $2 to $1.50, the gain in consumer surplus to consumers who are persuaded to buy at the lower price (and who were not buying when the price was $2) is equal to:
A)$100.
B)$75.
C)$50.
D)$25.

Accepted Answer

The answer of Figure: The Market for Hamburgers  ...

Question 13

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus and Phantom
Tickets.If the price for Phantom tickets is $140 and there is no other market for tickets, total producer surplus for these five students is:
A.$139.
B.$110.
C.$40.
D.$379.

Accepted Answer

The answer of (Table: Producer Surplus and Phantom Tickets) Look...

Question 14

Figure: Consumer Surplus III
   (Figure: Consumer Surplus III) Look at the figure Consumer Surplus III.In the figure, when the price rises from $30 to $35, consumer surplus ________ for a total consumer surplus of _. 
A.decreases by $15; $34
B.increases by $15; $64
C.increases by $25; $74
D.decreases by $5; $44

Accepted Answer

The answer of Figure: Consumer Surplus III
   (Figure:...

Question 15

Figure: Consumer Surplus II
(Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good is $4, consumer surplus will equal:
A.$5.
B.$10.
C.$20.
D.$40.

Accepted Answer

The answer of Figure: Consumer Surplus II
(Figure: Consumer Surplus II)...

Question 16

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus and Phantom Tickets.If the price for Phantom tickets is $55, which student has the highest individual producer surplus?
A.Tim
B.Laura
C.Rick
D.Ralph

Accepted Answer

The answer of (Table: Producer Surplus and Phantom Tickets) Look...

Question 17

Figure: Consumer Surplus I
(Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.At a price of P₁, consumer surplus equals the area:
A.ABP₂.
B.AFP₁.
C.AQ₃0.
D.P₁P₂BF.

Accepted Answer

The answer of Figure: Consumer Surplus I
(Figure: Consumer Surplus I)...

Question 18

Figure: The Market for Hamburgers
  (Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.The figure shows the weekly market for hamburgers in Tuscaloosa.If the price of a burger is $2, consumer surplus will equal: 
A.$650.
B.$400.
C.$225.
D.$450.

Accepted Answer

The answer of Figure: The Market for Hamburgers
  (Figure:...

Question 19

Anna is willing to sell her 20-year-old boat, but not for less than $2,300.For Anna, the cost of selling this boat is $2,300.
A.more than
B.less than
C.equal to
D.There is not enough information to answer the question.

Accepted Answer

The answer of Anna is willing to sell her 20-year-old...

Question 20

Figure: Consumer Surplus II
   (Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good is $2, consumer surplus will equal: 
A.$30.
B.$45.
C.$60.
D.$90.

Accepted Answer

The answer of Figure: Consumer Surplus II
   (Figure:...

Quiz 4: Consumer and Producer Surplus

Figure: The Market for Hamburgers (Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.The figure shows the weekly market for hamburgers in Tuscaloosa.If 400 hamburgers are sold, consumer surplus will equal: A.$650. B.$400. C.$225. D.$450.

Figure: Consumer Surplus I (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.If the good is free, consumer surplus equals the area: A.ABP₂. B.AFP₁. C.BGF. D.AQ₃0.

Figure: Consumer Surplus III (Figure: Consumer Surplus III) Look at the figure Consumer Surplus III.In the figure, total consumer surplus is when the price is $10. A.$50 B.$59 C.$124 D.$144

Figure: Consumer Surplus II (Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good increases from $3 to $4, consumer surplus will decrease by: A.$5. B.$10. C.$15. D.$20.

Figure: Consumer Surplus I (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.At a price of P₂, consumer surplus equals the area: A.ABP₂. B.AFP₁. C.AQ₃0. D.P₁P₂BF.

Figure: Consumer Surplus II (Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good decreases from $2 to $1, consumer surplus will increase by: A.$5. B.$10. C.$25. D.$35.

Figure: Consumer Surplus I (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.If the price rises from P₁ to P₂, consumer surplus decreases by the area: A.ABP₂. B.AFP₁. C.BGF. D.P₁P₂BF.

Along a given demand curve, a decrease in the price of a good: A.will increase consumer surplus. B.will decrease consumer surplus. C.will have no effect on consumer surplus. D.It's impossible to tell what will happen to consumer surplus.

Figure: Consumer Surplus I (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.If the price falls from P₂ to P₁, consumer surplus increases by the area: A.ABP₂. B.AFP₁. C.BGF. D.P₁P₂BF.

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus and Phantom Tickets.If the price for Phantom tickets is $140 and there is no other market for tickets, total producer surplus for these five students is: A.$139. B.$110. C.$40. D.$379.

Figure: Consumer Surplus II (Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good is $4, consumer surplus will equal: A.$5. B.$10. C.$20. D.$40.

(Table: Producer Surplus and Phantom Tickets) Look at the table Producer Surplus and Phantom Tickets.If the price for Phantom tickets is $55, which student has the highest individual producer surplus? A.Tim B.Laura C.Rick D.Ralph

Figure: Consumer Surplus I (Figure: Consumer Surplus I) Look at the figure Consumer Surplus I.At a price of P₁, consumer surplus equals the area: A.ABP₂. B.AFP₁. C.AQ₃0. D.P₁P₂BF.

Figure: The Market for Hamburgers (Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.The figure shows the weekly market for hamburgers in Tuscaloosa.If the price of a burger is $2, consumer surplus will equal: A.$650. B.$400. C.$225. D.$450.

Anna is willing to sell her 20-year-old boat, but not for less than $2,300.For Anna, the cost of selling this boat is $2,300. A.more than B.less than C.equal to D.There is not enough information to answer the question.

Figure: Consumer Surplus II (Figure: Consumer Surplus II) Look at the figure Consumer Surplus II.If the price of the good is $2, consumer surplus will equal: A.$30. B.$45. C.$60. D.$90.