Explore your understanding of microeconomic principles through this focused test. Assess key concepts such as market equilibrium, consumer and producer surplus, and the impacts of government interventions like price ceilings.
$0.50
$0.75
$1.50
$2.00
$2.75
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$1
$3
$200
$400
$600
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$2
$3
$200
$400
$600
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$0
$4
$5
$600
$800
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200
300
400
600
800
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Fall by $50
Fall by $150
Remain the same
Rise by $50
Rise by $150
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Fall by $150
Fall by $300
Remain the same
Rise by $150
Rise by $300
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$1.50
$200
$150
$300
$600
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$1.50
$300
$450
$500
$600
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The extra amount that a consumer must pay to obtain a marginal unit of a good or service.
The excess demand that consumers have when a price ceiling holds prices below their equilibrium.
The benefit that consumers receive from a good or service beyond what they pay.
Gain or loss to consumers from price fixing.
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Area under the demand curve above market price
Entire area under the supply curve
Area under the demand curve above the supply curve
Area above the supply curve up to the market price
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Losses in consumer surplus associated with excess government regulations.
Situations where market prices fail to capture all of the costs and benefits of a policy.
Net losses in total surplus.
Losses due to the policies of labor unions.
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Fall; rise
Fall; fall
Rise; rise
Rise; fall
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Price ceilings
Price floors
Policies prohibiting human cloning
All of the above
(a) and (b) only
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