ECONOMICS 2302 Topic 5 VideoTopic 5 – Market Efficiency Videos 1

Topic 5 – Market Efficiency Videos 1


1. Which of the following scenarios was used in the example for consumer surplus?
 A decrease in the price of a good
2. Which color was used to represent the area of producer surplus on the graph?
 Red
3. Which of the following statements is true, according to the video?
 When quantity supplied and quantity demanded differ, the amount traded is
whichever is smaller
4. Which of the following concepts is another term for deadweight loss?
 Missing economic surplus
5. Which of these markets was examined in the video?
 Mp3 players
6. Which of these markets was examined in the video?
 Apartments
7. Which of these markets was examined in the video?
 Labor
8. Which of the following statements is true, based on the example in the video?
 The amount of tax revenue collected is much larger than the deadweight loss
created by the tax.
9. Which of the following areas is calculated using the formula "base? height"?
 Tax revenue




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