What is consumer surplus?
Comparative Advantage: ACDC Econ

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Business
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11th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The difference between the highest and lowest price a product is sold for.
The total cost of production for a producer.
The extra cost a consumer pays when buying a product.
The amount a consumer saves when buying a product at a lower price than they are willing to pay.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when a price ceiling is set below the equilibrium price?
It leads to a surplus of goods.
It causes a shortage of goods.
It has no effect on the market.
It increases the producer surplus.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a price floor affect the market?
It decreases the equilibrium price.
It has no impact on consumer surplus.
It leads to a surplus of goods.
It creates a shortage of goods.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is deadweight loss?
The loss of efficiency when the market is not in equilibrium.
The extra cost paid by consumers.
The total profit made by producers.
The difference between supply and demand.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can gift-giving during Christmas lead to deadweight loss?
It increases the demand for unwanted goods.
It has no effect on the market.
It decreases the supply of goods.
It causes a surplus of cash.
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