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Consumer / Producer Surplus Flashcards | StudBud

Explore/Consumer / Producer Surplus

Consumer / Producer Surplus

7 terms·StudBud Administration·99 plays

By Kapish and Besian

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Questions 7

Answers

1
What does a Leftward shift in Supply lead to ........
Decrease In Consumer Surplus
Increase In Producer Surplus
Increase in Consumer Surplus.
Decrease In Producer Surplus
2
Where would consumer surplus be on a diagram
In the middle
At the top
At the bottom
Between the Supply and Demand
3
What is Consumer Surplus?
Consumer Surplus is price minus quantity
The difference between the demand and supply of a consumer's product.
The price a consumer is willing to pay - the price they actually pay.
Consumer Surplus the price a consumer is willing to pay for a product.
4
What does a Rightward shift in Supply lead to .....
Increase in Producer Surplus
Decrease in Producer Surplus.
Increase In consumer Surplus
Decrease in Consumer Surplus.
5
What does a Leftward shift in Demand lead to .....
An increase in Producer Surplus
An increase in Consumer Surplus.
A decrease in Producer Surplus.
A Decrease In Consumer Surplus
6
What is Producer Surplus
The price a producer is willing to sell - the price they reicieve.
The difference between the producer selling a product and the profit given.
The price they actually reicieve - the quantity sold.
The price a producer is willing to sell at / Price inflation.
7
What does a Rightward Shift in Demand Lead to........
Increase in Consumer Surplus
Decrease in both Consumer and Producer Surplus.
Increase In Producer Surplus.
Increase in Consumer Producer profits.