Tackle the Test: Multiple-Choice Questions

  1. Question

    Refer to the graph below. What is the value of consumer surplus when the market price is $40?

    image
    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
  2. Question

    Refer to the graph below. What is the value of producer surplus when the market price is $60?

    image
    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
  3. 497

    Question

    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
    Other things equal, a rise in price will result in which of the following?
  4. Question

    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
    Consumer surplus is found as the area
  5. Question

    DuqsTLw8PipuFkRdEHJ75sVQn5N3nvPaRLl+Y5pZ24sXDDvrsjmjIDMEzQlTQO5vicbAxt305X97kBvsIioH5ssqrgWM8tl7FhdAu754v0GHLdJw75Ebp6YbSqjIjKp9Q3X/dMvq8Yvth58rfMLppUip5NtF1ielRDRhYZTLn+yPhCM0eW2wSVsXNRGeTlQLrl12czFLALfE1H9n4cIgcEZ1t+B3uo/8+eJyN2bOQIKbRQqkvjpMMwI4/JX1DARxRNhre0zgif+bCpZVVfXe2ftXUv0yV3imH5L8hXax24HrLLtNxSP8qWsfqDfuqNrKv+94gLeEgeNnKN2jDlMbOibofJxJmzhtEYpaqSwvQnffqc13lEbNjiEUqiJ2se8ytjvj2hExt0u/hfry8NuF5X8EnGhAKUNdPsK7T5uJ08vWkRUQbmM5twN4G0pEJYXTBLw+gYk76Pe/YFCYRgk9QmmBsyJ6yz/r0cpmXiuWgcxVgPV3R64cEJJoIoPUtzH6JY8cUDgiB0oIraI6sVe0vWLCKhZpVcYs57UtY4NQfTzPBMYX2TF0BXFtD6Y7wGSWjEgS0dpR728cJ0UWCnTwoah94Nrde+IZ5G2Ma2gNGZdgfr+jUiH01rg2mbygDAsnqUop+gySLZED2pLk0ridUI761H6dgsZxZE4qluZmHo1+c4iXaNFXPOHDVzWJbkCwYl2z1/utqrMuWX2BY9rKTRLVfZ7YQ/wAMzcq7pCPJCRPpOhN1dXAYxL3GPQvrCuMvmDRjlj1UA1Z3ozZ5t5Eo8GCvHh3yMg2P9Z33v3JlRda59V7AYTsojbAaBXXWlckTviYHX0YypQmdBPVH41t/TqYksc5/eUS+dqk0F7FxZWFeb4uJDbZOBLtBbCg7MxcADouBS40TZ/YHRrZyL34xn7RXkn+bacLpCrW6023P0U6RnIajlEU2KE+DehEqmI7h/K9pLl5oPju3yjaA/dk4zoKu8ObJw+XGQDXlsjBmA89GmPpzzPqpUGRxO12t5pzVqpp3e01bYEykdyTOUQT3ashiQf3OCPTJFG+CKsYPAASGPghSrQUiY3vT64=
    Allocating kidneys to those with the highest net benefit (where net benefit is measured as the expected increase in life span from a transplant) is an attempt to maximize