Econ 301 Test 1 2025 Questions and
Answers
If the price of good x becomes lower, then the level of consumer surplus becomes
- --CORRECT ANSWER--higher
Supply shifters include: - --CORRECT ANSWER---level of technology
-prices of inputs
-weather
As additional firms enter an industry, the market supply curve - --CORRECT
ANSWER--shifts to the right
An excise tax shifts the supply curve - --CORRECT ANSWER--up by the amount
of the tax
an ad valorem tax shifts the supply curve - --CORRECT ANSWER--by rotating it
counter-clockwise
producer surplus is - --CORRECT ANSWER--area above the supply curve but
below the market price of the good
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
Answers
If the price of good x becomes lower, then the level of consumer surplus becomes
- --CORRECT ANSWER--higher
Supply shifters include: - --CORRECT ANSWER---level of technology
-prices of inputs
-weather
As additional firms enter an industry, the market supply curve - --CORRECT
ANSWER--shifts to the right
An excise tax shifts the supply curve - --CORRECT ANSWER--up by the amount
of the tax
an ad valorem tax shifts the supply curve - --CORRECT ANSWER--by rotating it
counter-clockwise
producer surplus is - --CORRECT ANSWER--area above the supply curve but
below the market price of the good
....COPYRIGHT ©️ 2025 ALL RIGHTS RESERVED...TRUSTED & VERIFIED 1
