C13 Microeconomics Online Exams 1-8 Answers (Ashworth College)

B. maximum amount the consumer would pay for a good
C. actual amount paid for a good minus the benefit of using that good
D. marginal utility of a good divided by its price
Question 10 of
5.0/ 5.0 Points
20
Laura makes hand-made jewelry and she would be willing to sell pairs of earrings for $50. If
Laura sells each pair of earrings for $65, her producer surplus per pair of earrings sold would be
equal to __________ .
A.
$115
B. $65
C. $15
D. $50
Question 11 of
5.0/ 5.0 Points
20
If the equilibrium price of gasoline is $2.75 per gallon and the government will not allow oil
companies to charge more than $2.00 per gallon, which of the following will happen?
A. Demand must eventually decrease so that the market will come into equilibrium at a price of
$2.00.
B. Supply must eventually increase so that the market will come into equilibrium at a price of
$2.00.
C. Total surplus in the market will be lower than it would be if the price was $2.75 per gallon.
D. The market will be in equilibrium at a price of $2.00.
Question 12 of
5.0/ 5.0 Points
20
Assume that the supply of smartphones remains constant, but the price of smartphones increases.
Producer surplus __________ .