Question 13 5 pts Which is a good example of consumer surplus?

Question 13

5 pts

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Which is a good example of consumer surplus?

I was willing to at most $50 for a jacket, but the price in the store was $60 but I bought it anyway

I was willing to pay $40 for shoes but actually had to pay only $30

I paid exactly what I was willing to pay for food

I wanted to buy a watch for $40 but I only had $35

Question 14

5 pts

Gift giving is inefficient to the recipient because

you have to give gifts to persons you do not want to give gifts to

If you give someone a gift, they are obligated to give you a gift in return

the receiver of the gift would have at least been equal or better off with the money used to buy the gift

It would have been better if the money spent on gifts were given to charity instead

Question 15

5 pts

How does a business using Groupon selling its goods at a significant discount get a higher producer surplus?

Groupon will pay the business for its reduction in producer surplus from the discount

by getting more consumers aware of their product it can make more sales

the business is able to transfer consumer surplus into producer surplus

the discounts will actually lower producersurplus

Question 16

5 pts

which is the best example of Producer Surplus?

Sandy would have paid $400 for a guitar but actually paid $300 for it

Tom’s cabinet shop sold a cabinet that normally sells for $400 for $350 but it costs the store $300 to produce

the least that Sam’s Clock store will accept from a buyer for its clock is $500 but another seller will sell the same clock for $450

Rising rents made Salmon raise the price of his donuts by 15%

Question 17

5 pts

A minimum wage law sets a wage at a given level and not allowed to go lower. This is an example of a 

a fair way to reduce unemployment

increases producer surplus

price floor

price ceiling

Question 18

5 pts

which is true about a price ceiling? (a price is set and not allowed to go higher)

some surplus is transferred from producers to consumers

producers and consumers are both better off

some surplus is transferred from consumers to producers

the deadweight loss from a price ceiling is zero

Question 19

5 pts

economists like using markets instead of using price ceilings and floors to solve economic problems of production and distribution because

consumer surplus is greater than producer surplus under market solutions.

markets will have lower prices than price ceilings

market solutions maximize social surplus

actually price floors are a more efficient way

Question 20

5 pts

producer surplus is closest to which concept

savings

price ceilings

profits

deadweight loss

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