Consumer & producer surplus
4 practice questionsEconomicsStep-by-step solutions
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1
Consumer surplus is the difference between:
A.Cost and revenue
B.What consumers are willing to pay and what they actually pay
C.Supply and demand
D.Price and quantity
2
The value of the next-best alternative given up when making a choice is called:
A.Sunk cost
B.Opportunity cost
C.Marginal revenue
D.Producer surplus
3
Producer surplus is the difference between the price received and:
A.The consumer's willingness to pay
B.The minimum price a producer would accept
C.The tax
D.Total revenue
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