Understanding the Supply Curve: Shifts and Producer Surplus Practice Questions | Marginal Revolution University

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Practice Questions

Understanding the Supply Curve: Shifts and Producer Surplus Practice Questions

A higher price will encourage: *

a. Existing suppliers to produce more

b. New suppliers to enter the market

c. Both A and B

d. Neither A or B

Which of the following correctly describes the effects of a rightward supply shift? *

a. At the same price, sellers offer more; at the same quantity the price is lower

b. At the same price, sellers offer less; at the same quantity, the price is higher

c. At the same price, the quantity is unchanged

d. At the same price, half of the suppliers exit the market

T/F: ALL producers receive producer surplus supplying the market equilibrium amount. *

True

False

Which of the following is TRUE about producer surplus? *

a. Producer surplus is simply accounting profit

b Producer surplus arises because producers trick consumers into defective purchases.

c. Producer surplus is the gain to the lowest cost supplier only.

d. Producer surplus represents the difference between the supplier’s reservation price and the market price.

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Principles of Economics Microeconomics

Course (106 videos)

Introduction

Introduction to Microeconomics

Practice Questions

Opportunity Cost and Tradeoffs

Practice Questions

Marginal Thinking and the Sunk Cost Fallacy

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Interactive Practice

Supply, Demand, and Equilibrium

The Demand Curve

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The Supply Curve

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Interactive Practice

The Equilibrium Price and Quantity

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Graphing a Demand Curve from a Demand Schedule, and How to Read a Demand Graph

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Interactive Practice

What Shifts the Demand Curve?

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Change in Demand vs. Change in Quantity Demanded

Interactive Practice

Consumer Surplus

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Understanding the Supply Curve: Shifts and Producer Surplus

Practice Questions

What Shifts the Supply Curve?

Practice Questions

Interactive Practice

Equilibrium in Economics: How a Supply and Demand Graph Dot Explains Producer and Consumer Surplus

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Interactive Practice

Interactive Practice

Supply and Demand Terminology

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Does the Equilibrium Model Work?

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Elasticity and Its Applications

Elasticity of Demand

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Calculating the Elasticity of Demand

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Office Hours: Elasticity of Demand

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Elasticity of Supply

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Elasticity of Supply: Why Housing is Unaffordable

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Elasticity of Supply: Do Gun Buybacks Work?

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Taxes and Subsidies

Commodity Taxes

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Who Pays the Tax?

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Tax Revenue and Deadweight Loss

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Practice Questions

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The Price System

A Price Is a Signal Wrapped up in an Incentive

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Markets Link the World

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The Great Economic Problem

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Information and Incentives

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Prediction Markets

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Price Ceilings and Price Floors

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Price Ceilings: Shortages and Quality Reduction

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Price Ceilings: Lines and Search Costs

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Price Ceilings: Deadweight Loss

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Price Ceilings: Misallocation of Resources

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Price Ceilings: Rent Controls

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Rent Control in Mumbai

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Price Floors: The Minimum Wage

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Price Floors: Airline Fares

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Why Do Governments Enact Price Controls?

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Price Controls and Communism

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Trade

The Big Ideas of Trade

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Comparative Advantage

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Another Look at Comparative Advantage

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Comparative Advantage Homework

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Tariffs and Protectionism

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Arguments Against International Trade

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Avengers: The Story of Globalization (Optional)

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Externalities

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Pigouvian Taxes

What Are Positive Externalities?

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Pigouvian Subsidies

Command and Control Solutions

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The Coase Theorem

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Trading Pollution

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A Deeper Look at Tradable Allowances

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Externalities and Incentives: The Economics of COVID

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Costs and Profit Maximization Under Competition

Introduction to the Competitive Firm

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Maximizing Profit Under Competition

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Maximizing Profit and the Average Cost Curve

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Entry, Exit, and Supply Curves: Increasing Costs

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Entry, Exit, and Supply Curves: Constant Costs

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Entry, Exit, and Supply Curves: Decreasing Costs

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Competition and the Invisible Hand

Minimization of Total Industry Costs of Production

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The Balance of Industries and Creative Destruction

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Monopoly

Maximizing Profit Under Monopoly

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Office Hours: Calculating Monopoly Profit

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The Monopoly Markup

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The Costs and Benefits of Monopoly

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Price Discrimination

Introduction to Price Discrimination

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The Social Welfare of Price Discrimination

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Labor Markets

The Marginal Product of Labor

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Econ Duel: Is Education Signaling or Skill Building?

Human Capital and Signaling

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The Tradeoff Between Fun and Wages

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Compensating Differentials

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Do Unions Raise Wages?

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Public Goods and the Tragedy of the Commons

Public Goods and Asteroid Defense

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A Deeper Look at Public Goods

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The Tragedy of the Commons

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Asymmetric Information

Asymmetric Information and Used Cars

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Asymmetric Information in Health Insurance

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Solutions to Moral Hazard

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Consumer Choice

Introduction to Consumer Choice

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Budget Constraints

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Indifference Curves

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Consumer Optimization

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Office Hours: Game Theory

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Principles of Economics: Microeconomics

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