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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is consumer surplus?
💡 Hint: Think of the benefit you get from buying a product for less than its value.
Question 2
Easy
If a consumer is willing to pay $50 for a book and buys it for $30, what is their consumer surplus?
💡 Hint: Subtract the actual price from the maximum price they were willing to pay.
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 does consumer surplus represent?
- Total revenue
- Consumer benefit
- Producer benefit
💡 Hint: Think about how much more someone values a product compared to its cost.
Question 2
True or False: Consumer surplus increases when prices rise.
- True
- False
💡 Hint: Consider how higher prices impact consumer satisfaction.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A local bakery is known for its cupcakes. If 100 customers value the cupcakes at $5 each but pay $3, calculate the total consumer surplus if all 100 customers buy one cupcake.
💡 Hint: multiply the number of consumers by the individual consumer surplus.
Question 2
Analyze the change in consumer surplus if a new competitor enters the market causing the price of cupcakes to fall from $3 to $2. What happens to consumer surplus?
💡 Hint: Think about how a price decrease impacts total surplus.
Challenge and get performance evaluation