Multiple Choice
Identify the
letter of the choice that best completes the statement or answers the question.
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Figure 7-9
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1.
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Refer to Figure 7-9. At the equilibrium price, consumer surplus
is a. | $480. | b. | $640. | c. | $1,120. | d. | $1,280. | | |
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2.
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Refer to Figure 7-9. If the price decreases from $22 to $16, consumer surplus
increases by a. | $120. | b. | $360. | c. | $480. | d. | $600. | | |
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3.
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Refer to Figure 7-9. At the equilibrium price, producer surplus
is a. | $480. | b. | $640. | c. | $1,120. | d. | $1,280. | | |
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4.
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Refer to Figure 7-9. At the equilibrium price, total surplus
is a. | $480. | b. | $640. | c. | $1,120. | d. | $1,280. | | |
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