G202 Krefts Exam 1 Preparation Complete Questions with Detailed Verified Answers (100% Correct Answers) /Already Graded A+

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