Consumer surplus measures the value between the price consumers are willing to pay and the:
a. producer surplus price. b. deadweight gain price.
c. actual price paid. d. preference price.
QUESTION 2Suppose Sue's buys a good for 60 on eBay. If the consumer surplus from the sale is 25, Sue would have been willing to pay:
a. 35 b. 25.
c. 60 d. 85.
QUESTION 3Suppose Sam buys a good for 100 at a yard sale. If consumer surplus from the sale is 75, Sam would have been willing to pay:
a. 100 b. 175.
c. 25 d. equal to the deadweight loss.
QUESTION 4A drought destroys much of the grape crop. As a result, consumer surplus in the market for wine:
a. decreases. b. increases.
c. remains unchanged. d. depends on the deadweight loss.
QUESTION 5A drought destroys much of the peach crop. As a result, consumer surplus in the peach market:
a. increases. b. decreases.
c. remains unchanged. d. equals the deadweight loss increase.
QUESTION 6Consumer surplus is the:
a. amount by which the quantity supplied of a good exceeds the quantity demanded of a good.
b. measure of consumes' willingness to buy a good plus the price of the good.
c. measure of how much consumers value a good.
d. amount consumers are willing to pay for a good minus the amount the consumers actually pays for it.
QUESTION 7Consumer surplus is the:
a. number of consumers who are excluded from a market because of scarcity.
b. amount of a good that consumers will buy at a price below the equilibrium price.
c. amount consumers are willing to pay for a good minus the amount the consumers actually pay for it.
d. amount consumers are willing to pay for a good minus the cost of producing the good.
QUESTION 8At 30 each, Jack will buy 1 Blu-ray and at 25, he will purchase 2 . If the price is 25, Jack's consumer surplus is:
a. 5.
b. 10.
c. 15.
d. 20.
QUESTION 9At 30 each, Jack will buy 1 Blu-ray and at 25, he will purchase 2 . If the price is 20, Jack's consumer surplus is:
a. 10.
b. 15.
c. 20.
d. 25.
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