Surplus!

Surplus!

11th - 12th Grade

13 Qs

quiz-placeholder

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Surplus!

Surplus!

Assessment

Quiz

Social Studies

11th - 12th Grade

Medium

Created by

Casey Douglas

Used 410+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After soccer practice, Phil is willing to pay $1 for a bottle of spring water. He stops at Sheetz which is selling bottles of spring water for $1.50, so declines to purchase it. His consumer surplus is:
$0
$0.50
$1
$1.50

2.

MULTIPLE CHOICE QUESTION

30 sec • 12 pts

Media Image
What is the equilibrium price of a book in this market?
$75
$80
$85
$90

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

You are the manager of Fun World, a small amusement park that only charges per ride. The diagram shows the demand curve for a typical customer. At $5 per ride, how much consumer surplus does each customer get? (Hint = you need to calculate the area of a triangle)

$5

$15

$25

$50

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Now suppose you consider lowering the price per ride to $0. How much consumer surplus would each individual customer get? (Hint = you need to calculate the area of a triangle)

$50

$75

$100

$200

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Now that you have lowered the price per ride to $0, what is the maximum admission fee Fun World could charge to the typical customer? (Hint = consider the amount of consumer surplus!)

$50

$75

$100

$200

6.

MULTIPLE CHOICE QUESTION

45 sec • 12 pts

Media Image
In the diagram, consumer surplus is represented by:
P2, B, P3
A, B, C
P2, B, P0
P1, C, A, P3

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Consumer surplus in a market for a good exists because:
Some producers charge different prices for the good in different markets
Producers don't have the ability to set their own price
When the price of goods decrease, most consumers buy more
Some consumers are willing to pay more than the equilibrium price

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