Producer surplus is measured as the area
Topic: Demand and Supply Quiz ( MCQ and Answer )
If supply increases, then the
If demand increases, then the
The minimum wage
A floor price is
When an effective price ceiling is in place
Under a price ceiling, the full economic price is
A price ceiling is
Competitive market equilibrium
When quantity demanded exceeds quantity supplied
Producer surplus is the
If an excise tax is imposed on a good, then the supply curve
The supply function
If firms expect prices to be higher in the future and the product is not perishable, then
An ad valorem tax shifts the supply curve
An excise tax shifts the supply curve
As additional firms enter an industry, the market supply curve
If the price of an input rises, producers are willing to produce
Which of the following is not a supply shifter?
The market supply curve indicates the total quantity all producers in a competitive market would produce at each price,
If the price of good X becomes lower, then the level of consumer surplus becomes
Consumer surplus is