01 Jun Question Question 1 of 20 If the government imposes a maximum price for milk that is a
Question
Question 1 of 20
If the government imposes a maximum price for milk that is above the equilibrium price __________ .
A. this maximum price for milk will have no economic impact
B. quantity demanded of milk will be less than quantity supplied
C. demand for milk will be greater than supply
D. the available milk supply will have to be rationed
Question 2 of 20 5.0 Points
The difference between the maximum amount a person is willing to pay for a good and its current market price is known as __________ .
A. the paradox of value
B. profits
C. revealed preferences
D. consumer surplus
Question 3 of 20 5.0 Points
Laura makes hand-made jewelry and she would be willing to sell pairs of earrings for $50. If Laura sells each pair of earrings for $65, her producer surplus per pair of earrings sold would be equal to __________ .
A. $115
B. $65
C. $15
D. $50
Question 4 of 20 5.0 Points
Assume that production costs rise and demand remains constant. The equilibrium price will __________ and the producer surplus will __________ .
A. increase; increase
B. increase; decrease
C. decrease; decrease
D. decrease; increase
Question 5 of 20 5.0 Points
Suppose that you are willing to pay $25 for a new shirt and the market price is $35. In this case __________ .
A. you will not buy the good
B. you will buy the good and receive a consumer surplus of $5
C. you will buy the good and receive a consumer surplus of –$10
D. you will buy the good and receive a consumer surplus of –$35
Question 6 of 20 5.0 Points
Jody’s bakery makes cakes and would be willing to sell each cake for $12.50. If Jody’s bakery sells 10 cakes for $13 each, the total producer surplus for Jody’s bakery would be equal to __________ .
A. $5.00
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