Producer surplus is the: (Multiple Choice)

Producer surplus is the:
 a. number of producers who are excluded from a market because of scarcity.
  b. amount of a good that a producers will sell at a price below the equilibrium price.
  c. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good.
  d. amount consumers are willing to pay for a good minus the cost of producing the good.

QUESTION 2

Consumer surplus:
 a. is minimized in market equilibrium.
  b. measures the value between the actual selling price of a product and the price at which sellers are willing to sell the product.
  c. measures the value between the price consumers are willing to pay for a product and the price they actually pay.
  d. measures the price at which sellers extract excess profits from consumers.

QUESTION 3

Consumer surplus:
 a. does not exist in equilibrium.
  b. is illustrated by the area under the demand curve and above the market price.
  c. is illustrated by the area under the demand curve and below the market price.
  d. is illustrated by the area above the supply curve and under the demand curve.

QUESTION 4

If Bill is willing to pay 10 for one good X, 8 for a second, and 6 for a third, and the market price is 5, then Max's consumer surplus is:
 a. 24 b. 18.
  c. 9 d. 6.

QUESTION 5

If Sam is willing to pay 50 for one good X, 30 for a second, 20 for a third, 8 for a fourth, and the market price is 10, then Sam's consumer surplus is:
 a. 10 b. 40.
  c. 70 d. 100.

QUESTION 6

Suppose a consumer is willing to pay 20 for one good X, 10 for a second, and 5 for a third, and the market price is 4 . The consumer surplus is:
 a. 16 b. 6.
  c. 1 d. 23.