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Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is consumer surplus?
π‘ Hint: Think of a good deal you got.
Question 2
Easy
Define producer surplus.
π‘ Hint: Consider prices a seller is happy with.
Practice 4 more questions and get performance evaluation
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is consumer surplus?
π‘ Hint: Relate it to a shopping experience.
Question 2
True or False: Producer surplus can decrease with the imposition of taxes.
π‘ Hint: Think about the economic impact of taxes on selling prices.
Solve 2 more questions and get performance evaluation
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.
π‘ 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.
π‘ Hint: Graph the initial and new equilibrium points.
Challenge and get performance evaluation