ECON 2010 UTAH VALLEY UNIVERSITY | PRINCIPLES OF ECONOMICS STUDY GUIDE | EXAMS,
QUIZZES & FINAL REVIEW 2026
b. is the difference between the amount that a consumer actually pays for a good and the
amount that the consumer is willing to pay for the good. - ANS ✔✔Consumer surplus
a. is the amount of a good that a consumer can buy at a price below equilibrium price.
b. is the difference between the amount that a consumer actually pays for a good and the
amount that the consumer is willing to pay for the good.
c. is the number of consumers who are excluded from a market because of scarcity.
d. measures how much a buyer values a good.
b. $20 - ANS ✔✔Marjorie is willing to pay $68 for a pair of shoes for a formal dance. She finds a
pair at her favorite outlet shoe store for $48. Marjorie's consumer surplus is
a. $10.
b. $20.
c. $48.
d. $68.
b. the sum of producer surplus and consumer surplus is maximized. - ANS ✔✔Efficiency in a
market is achieved when
a. a social planner intervenes and sets the quantity of output after evaluating buyers'
willingness to pay and sellers' costs.
b. the sum of producer surplus and consumer surplus is maximized.
c. all firms are producing the good at the same low cost per unit.
d. no buyer is willing to pay more than the equilibrium price for any unit of the good.
d. Consumer surplus will be equal to producer surplus. - ANS ✔✔Which of the following
statements is not correct about a market in equilibrium?
QUIZZES & FINAL REVIEW 2026
b. is the difference between the amount that a consumer actually pays for a good and the
amount that the consumer is willing to pay for the good. - ANS ✔✔Consumer surplus
a. is the amount of a good that a consumer can buy at a price below equilibrium price.
b. is the difference between the amount that a consumer actually pays for a good and the
amount that the consumer is willing to pay for the good.
c. is the number of consumers who are excluded from a market because of scarcity.
d. measures how much a buyer values a good.
b. $20 - ANS ✔✔Marjorie is willing to pay $68 for a pair of shoes for a formal dance. She finds a
pair at her favorite outlet shoe store for $48. Marjorie's consumer surplus is
a. $10.
b. $20.
c. $48.
d. $68.
b. the sum of producer surplus and consumer surplus is maximized. - ANS ✔✔Efficiency in a
market is achieved when
a. a social planner intervenes and sets the quantity of output after evaluating buyers'
willingness to pay and sellers' costs.
b. the sum of producer surplus and consumer surplus is maximized.
c. all firms are producing the good at the same low cost per unit.
d. no buyer is willing to pay more than the equilibrium price for any unit of the good.
d. Consumer surplus will be equal to producer surplus. - ANS ✔✔Which of the following
statements is not correct about a market in equilibrium?
