G202 Krefts Exam 1 Preparation Complete Questions with
Detailed Verified Answers (100% Correct Answers) /Already
Graded A+
✓ Consumer Surplus difference between willingness to pay and how
much you're paying
✓ Producer Surplus difference between price firm charges and
minimum price needed to cover costs
✓ Net Benefit Given Up what does producing below Qe bring society?
✓ Net Cost Incurred what does producing above Qe bring society?
✓ Demand Curve willingness to pay based on value
, ✓ Supply Curve willingness to produce based on price
✓ Inward which way does the supply curve shift due to a
TAX?
✓ Inward which way does the supply curve shift due to a
PRODUCTIVE REGULATION?
✓ Outward which way does the supply curve shift due to a
SUBSIDY?
✓ Shrink does market shrink/expand with a tax?
✓ Shrink does market shrink/expand with a productive
regulation?
✓ Expand does market shrink/expand with a subsidy?
✓ Overproduction/Market when should a tax be in play?
Above Qe
✓ Overproduction/Market when should a productive regulation be in play?
Above Qe
Detailed Verified Answers (100% Correct Answers) /Already
Graded A+
✓ Consumer Surplus difference between willingness to pay and how
much you're paying
✓ Producer Surplus difference between price firm charges and
minimum price needed to cover costs
✓ Net Benefit Given Up what does producing below Qe bring society?
✓ Net Cost Incurred what does producing above Qe bring society?
✓ Demand Curve willingness to pay based on value
, ✓ Supply Curve willingness to produce based on price
✓ Inward which way does the supply curve shift due to a
TAX?
✓ Inward which way does the supply curve shift due to a
PRODUCTIVE REGULATION?
✓ Outward which way does the supply curve shift due to a
SUBSIDY?
✓ Shrink does market shrink/expand with a tax?
✓ Shrink does market shrink/expand with a productive
regulation?
✓ Expand does market shrink/expand with a subsidy?
✓ Overproduction/Market when should a tax be in play?
Above Qe
✓ Overproduction/Market when should a productive regulation be in play?
Above Qe
