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Consumer and Producer Surplus (AP) Flashcards | StudBud

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Consumer and Producer Surplus (AP)

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consumer and producer surplus part 1

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Questions 5

Answers

1
Allocating organs to those with the highest net gain (increased life span) attempts to maximize
equity
consumer surplus
profit
producer surplus
2
Consumer surplus is found as the area
below the demand curve but above the price
below the supply curve but above the demand curve
above the supply curve but below the price
above the demand curve but below the price
3
1.What is the value of consumer surplus when the market price is $40?
$400
$8,000
$4,000
$16,000
4
Other things equal, a rise in price will result in which of the following?
Producer surplus will rise; consumer surplus will rise.
Producer surplus will fall; consumer surplus will fall
Producer surplus will fall; consumer surplus will rise
Producer surplus will rise; consumer surplus will fall
5
What is the value of producer surplus when the market price is $60?
$3,000
$1,000
$100
$150