Consumer surplus is defined as the difference between _____ and the market price.

what a consumer is willing to pay

The price of gold increases by 200%. If the price elasticity of demand for gold is 0.4, what will happen in the market?

Gold sales will decrease by 40%.

Gold sales will decrease by 80%.

Gold sales will increase by 1,000%.

Gold sales will decrease by 5%.

Gold sales will remain unchanged.

Which of these is an example of third-degree price discrimination?

charging airline business and leisure travelers different prices

charging different prices to consumers at a flea market

charging different prices at a used car dealership

charging block rates on utilities

A natural monopoly could possibly arise when:

there are large economies of scale relative to the industry's demand.

the government allows unrestricted access to a market.

companies merge to form a larger company.

a single producer has sole access to a natural resource.

The price of gold increases by 200%. If the price elasticity of demand for gold is 0.4, what will happen in the market?

Gold sales will decrease by 40%.

Gold sales will decrease by 80%.

Gold sales will increase by 1,000%.

Gold sales will decrease by 5%.

Gold sales will remain unchanged.

Which of these is an example of third-degree price discrimination?

charging airline business and leisure travelers different prices

charging different prices to consumers at a flea market

charging different prices at a used car dealership

charging block rates on utilities

The price of gold increases by 200%. If the price elasticity of demand for gold is 0.4, what will happen in the market?

Gold sales will decrease by 40%.

Gold sales will decrease by 80%.

Gold sales will increase by 1,000%.

Which of these is an example of third-degree price discrimination?

charging airline business and leisure travelers different prices

charging different prices to consumers at a flea market

charging different prices at a used car dealership

charging block rates on utilities

A natural monopoly could possibly arise when:

there are large economies of scale relative to the industry's demand.

the government allows unrestricted access to a market.

companies merge to form a larger company.

a single producer has sole access to a natural resource.

The price of gold increases by 200%. If the price elasticity of demand for gold is 0.4, what will happen in the market?

Gold sales will decrease by 40%.

Gold sales will decrease by 80%.

Gold sales will increase by 1,000%.

Gold sales will decrease by 5%.

Which of these is an example of third-degree price discrimination?

charging airline business and leisure travelers different prices

charging different prices to consumers at a flea market

charging different prices at a used car dealership

charging block rates on utilities

A natural monopoly could possibly arise when:

there are large economies of scale relative to the industry's demand.

the government allows unrestricted access to a market.

companies merge to form a larger company.

a single producer has sole access to a natural resource.

The price of gold increases by 200%. If the price elasticity of demand for gold is 0.4, what will happen in the market?

Gold sales will decrease by 40%.

Gold sales will decrease by 80%.

Gold sales will increase by 1,000%.

Gold sales will decrease by 5%.

Which of these is an example of third-degree price discrimination?

charging airline business and leisure travelers different prices

charging different prices to consumers at a flea market

charging different prices at a used car dealership

charging block rates on utilities

A natural monopoly could possibly arise when:

there are large economies of scale relative to the industry's demand.

the government allows unrestricted access to a market.

companies merge to form a larger company.

a single producer has sole access to a natural resource.

When economists say that all societies face scarcity, they are describing:

the unlimited wants and limited resources problem

the elimination of opportunity cost

Economics Final Practice Questions by Unit (Full Set)

78 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which enterprise is NOT an example of a market?

a neighborhood lemonade stand

New York Stock Exchange

ticket scalping

painting one's own house

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A question whose answer is based on societal beliefs is a _____ question.

objective

positive

normative

fact-based

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose a customer's willingness-to-pay is $79, and the seller's willingness-to-sell is$ 64. If the negotiated price is $68, how much is consumer surplus?

$4

$15

$21

$11

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If MTA raises fares from $2.00 to$ 2.25 and total revenue increases, demand is:

price elastic.

price inelastic.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the marginal revenue for the next unit of output is $50, but marginal cost is$ 45, the firm should:

stop production immediately.

increase production.

decrease production.

hold production constant.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which enterprise is NOT an example of a market?

a neighborhood lemonade stand

New York Stock Exchange

ticket scalping

painting one's own house

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A question whose answer is based on societal beliefs is a _____ question.

objective

positive

normative

fact-based

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose a customer's willingness-to-pay is $79, and the seller's willingness-to-sell is$ 64. If the negotiated price is $68, how much is consumer surplus?

$4

$15

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If MTA raises fares from $2.00 to$ 2.25 and total revenue increases, demand is:

price elastic.

price inelastic.

unitary elastic.

perfectly elastic.

10.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the marginal revenue for the next unit of output is $50, but marginal cost is$ 45, the firm should:

stop production immediately.

increase production.

decrease production.

hold production constant.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Microsoft

or continue with

Facebook

Apple

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?

Similar Resources on Wayground

83 questions

Project Management Quiz

Quiz

•

University

82 questions

Learning Outcomes - Business Operations and Management

Quiz

•

University

80 questions

CHAPTER 11

Quiz

•

University

78 questions

Learning Outcomes

Quiz

•

University

74 questions

Operations Management with TQM Removal Examination

Quiz

•

University

76 questions

Quiz - HR's Contribution to Organizational Success-Focus College

Quiz

•

University

80 questions

包管理D部綜合考試

Quiz

•

University

Popular Resources on Wayground

10 questions

Safety Day 2026 – Student Review

Quiz

•

9th Grade

21 questions

Continents and Oceans

Quiz

•

6th Grade

20 questions

Parts of Speech

Quiz

•

5th Grade

16 questions

Subject & Predicate

Quiz

•

5th Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

12 questions

Map Skills

Quiz

•

3rd Grade

22 questions

Continents and Oceans

Quiz

•

5th Grade

15 questions

Rounding Decimals

Quiz

•

5th Grade

Discover more resources for Business

8 questions

NCSU ACC 220: Chapter 6 Problems

Quiz

•

University

Economics Final Practice Questions by Unit (Full Set)

Which enterprise is NOT an example of a market?

A question whose answer is based on societal beliefs is a _____ question.

Suppose a customer's willingness-to-pay is 79,andtheseller′swillingness−to−sellis79, and the seller's willingness-to-sell is 79,andtheseller′swillingness−to−sellis 64. If the negotiated price is $68, how much is consumer surplus?

If MTA raises fares from 2.00to2.00 to 2.00to 2.25 and total revenue increases, demand is:

If the marginal revenue for the next unit of output is 50,butmarginalcostis50, but marginal cost is 50,butmarginalcostis 45, the firm should:

Which enterprise is NOT an example of a market?

A question whose answer is based on societal beliefs is a _____ question.

Suppose a customer's willingness-to-pay is 79,andtheseller′swillingness−to−sellis79, and the seller's willingness-to-sell is 79,andtheseller′swillingness−to−sellis 64. If the negotiated price is $68, how much is consumer surplus?

If MTA raises fares from 2.00to2.00 to 2.00to 2.25 and total revenue increases, demand is:

If the marginal revenue for the next unit of output is 50,butmarginalcostis50, but marginal cost is 50,butmarginalcostis 45, the firm should:

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business

Suppose a customer's willingness-to-pay is $79, and the seller's willingness-to-sell is$ 64. If the negotiated price is $68, how much is consumer surplus?

If MTA raises fares from $2.00 to$ 2.25 and total revenue increases, demand is:

If the marginal revenue for the next unit of output is $50, but marginal cost is$ 45, the firm should:

Suppose a customer's willingness-to-pay is $79, and the seller's willingness-to-sell is$ 64. If the negotiated price is $68, how much is consumer surplus?

If MTA raises fares from $2.00 to$ 2.25 and total revenue increases, demand is:

If the marginal revenue for the next unit of output is $50, but marginal cost is$ 45, the firm should: