Consumer surplus

Refer to Figure 7-7. What is the consumer surplus if the price is $100? $5,000 $20,000 $2,500 $10,000

$2,500

Refer to Figure 7-6. If the government imposes a price floor of $110 in this market, then consumer surplus will decrease by $800. $200. $400. $600.

$600.

Refer to Figure 7-3. Area C represents the increase in producer surplus when quantity sold increases from Q2 to Q1. decrease in consumer surplus to each consumer in the market when the price increases from P1 to P2. decrease in consumer surplus that results from a downward-sloping demand curve. consumer surplus to new consumers who enter the market when the price falls from P2 to P1.

consumer surplus to new consumers who enter the market when the price falls from P2 to P1.

Refer to Figure 7-3. When the price is P1, consumer surplus is A+B. A+B+C. A. A+B+D.

A+B+C.

Refer to Figure 7-6. At the equilibrium price, consumer surplus is $1,400. $1,600. $700. $800.

$800.

Refer to Figure 7-3. When the price is P2, consumer surplus is A. B. A+B+C. A+B.

A.

Refer to Figure 7-3. When the price rises from P1 to P2, which of the following statements is not true? The buyers who still buy the good are worse off because they now pay more. Consumer surplus in the market falls. Some buyers leave the market because they are not willing to buy the good at the higher price. Buyers place a higher value on the good after the price increase.

Buyers place a higher value on the good after the price increase.

Refer to Figure 7-7. What happens to the consumer surplus if the price rises from $100 to $150? The new consumer surplus is triple the original consumer surplus. The new consumer surplus is 25 percent of the original consumer surplus. The new consumer surplus is double the original consumer surplus. The new consumer surplus is half of the original consumer surplus.

The new consumer surplus is 25 percent of the original consumer surplus.

Refer to Figure 7-3. When the price rises from P1 to P2, consumer surplus decreases by an amount equal to C. increases by an amount equal to B+C. increases by an amount equal to A. decreases by an amount equal to B+C.

decreases by an amount equal to B+C.