Topic 5: Market Efficiency LearnSmart 1
1. Given the information in the table below, how much consumer surplus is generated for
Rob when market price is $100?
Marginal Benefit
($)
Rob $150
Dennis 125
Marty 100
Becky 75
Bill 50
$50
2. The difference between the maximum price consumers are willing and able to pay for a
good or a service and the price they actually pay is the ________ surplus.
Consumer
3. A tax on suppliers shifts the:
Supply the curve up vertically
4. When there is productive efficiency:
Output is produced at the lowest possible total cost per unit of production
Output is produced using the fewest resources possible to produce a good or
a service
5. First, mentally identify the area of producer surplus on the graph.
Next, calculate the value of producer surplus. The amount of producer surplus is
________
2
6. _____________ economics is a branch of economics that focuses on measuring the well
– being of market participants and how changes in the market affect their well – being.
Welfare
7. A maximum legal price at which a good, a service, or a resource can be sold is a
Price ceiling
This study source was downloaded by 100000871695925 from CourseHero.com on 10-26-2023 12:30:27 GMT -05:00
https://www.coursehero.com/file/43931759/Topic-5-LearnSmartdocx/
1. Given the information in the table below, how much consumer surplus is generated for
Rob when market price is $100?
Marginal Benefit
($)
Rob $150
Dennis 125
Marty 100
Becky 75
Bill 50
$50
2. The difference between the maximum price consumers are willing and able to pay for a
good or a service and the price they actually pay is the ________ surplus.
Consumer
3. A tax on suppliers shifts the:
Supply the curve up vertically
4. When there is productive efficiency:
Output is produced at the lowest possible total cost per unit of production
Output is produced using the fewest resources possible to produce a good or
a service
5. First, mentally identify the area of producer surplus on the graph.
Next, calculate the value of producer surplus. The amount of producer surplus is
________
2
6. _____________ economics is a branch of economics that focuses on measuring the well
– being of market participants and how changes in the market affect their well – being.
Welfare
7. A maximum legal price at which a good, a service, or a resource can be sold is a
Price ceiling
This study source was downloaded by 100000871695925 from CourseHero.com on 10-26-2023 12:30:27 GMT -05:00
https://www.coursehero.com/file/43931759/Topic-5-LearnSmartdocx/
