Consumer and producers surplus (OCR A-Level Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is consumer surplus?
What is consumer surplus?
Diff. between max price willing to pay & market price
What is producer surplus?
What is producer surplus?
Diff. between price received & min. acceptable price
On a diagram, where is consumer surplus located?
On a diagram, where is consumer surplus located?
Above market price, below demand curve
On a diagram, where is producer surplus located?
On a diagram, where is producer surplus located?
Below market price, above supply curve
Which way does the demand curve slope?
Which way does the demand curve slope?
Downward
Which way does the supply curve slope?
Which way does the supply curve slope?
Upward
What does the equilibrium point determine?
What does the equilibrium point determine?
Market price and quantity
What happens to consumer surplus when price increases?
What happens to consumer surplus when price increases?
It decreases
What happens to consumer surplus when price decreases?
What happens to consumer surplus when price decreases?
It increases
What happens to producer surplus when price increases?
What happens to producer surplus when price increases?
It increases
What happens to producer surplus when price decreases?
What happens to producer surplus when price decreases?
It decreases
What does consumer surplus measure?
What does consumer surplus measure?
Benefit from paying less than willing to pay