Practice Consumer and Producer Surplus - 10 | Chapter: Microeconomics | IB MYP Grade 10: Individuals & Societies - Economics
K12 Students

Academics

AI-Powered learning for Grades 8–12, aligned with major Indian and international curricula.

Academics
Professionals

Professional Courses

Industry-relevant training in Business, Technology, and Design to help professionals and graduates upskill for real-world careers.

Professional Courses
Games

Interactive Games

Fun, engaging games to boost memory, math fluency, typing speed, and English skillsβ€”perfect for learners of all ages.

games

Practice Questions

Test your understanding with targeted questions related to the topic.

Question 1

Easy

What is consumer surplus?

πŸ’‘ Hint: Think of a good deal you got.

Question 2

Easy

Define producer surplus.

πŸ’‘ Hint: Consider prices a seller is happy with.

Practice 4 more questions and get performance evaluation

Interactive Quizzes

Engage in quick quizzes to reinforce what you've learned and check your comprehension.

Question 1

What is consumer surplus?

  • A measure of total output
  • The difference between what consumers are willing to pay and what they actually pay
  • The amount of resources allocated by the government

πŸ’‘ Hint: Relate it to a shopping experience.

Question 2

True or False: Producer surplus can decrease with the imposition of taxes.

  • True
  • False

πŸ’‘ Hint: Think about the economic impact of taxes on selling prices.

Solve 2 more questions and get performance evaluation

Challenge Problems

Push your limits with challenges.

Question 1

A company receives a government subsidy, allowing it to produce and sell a good for $50, but its minimum price was $70. Analyze the effect on producer surplus.

πŸ’‘ Hint: Consider the balance between supply and demand.

Question 2

Illustrate how an increase in demand could affect both consumer and producer surplus in a specific market. Support your answer with graphs.

πŸ’‘ Hint: Graph the initial and new equilibrium points.

Challenge and get performance evaluation