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Micro: Deadweight loss from Monopoly

Quiz by Alia

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20 questions
Show answers
  • Q1
    What is defined as the difference between what the consumer would have been willing to pay and the market price that he or she DID pay?
    Market Price
    Deadweight Loss
    Producer Surplus
    Consumer Surplus
    30s
  • Q2
    What is the benefit to society that is the sum total of the surpluses realized by each of the consumers?
    Monopoly Benefit
    Total Consumer Surplus
    Deadweight Loss
    Producer Surplus
    30s
  • Q3
    What is the area above the supply curve, up to the price line, that represents the benefit gained by producers?
    Producer Surplus
    Deadweight Loss
    Consumer Surplus
    Monopoly Surplus
    30s
  • Q4
    What is the term for the difference between the total benefit to society under a competitive market and society under a monopoly?
    Consumer Surplus
    Deadweight Loss
    Producer Surplus
    Monopoly Benefit
    30s
  • Q5
    Which market structure leads to a combination of Consumer Surplus and Producer Surplus for the benefit of society?
    Oligopoly
    Monopolistic Competition
    Competitive Market
    Monopoly
    30s
  • Q6
    In a competitive market, what is the area above the market price, up to the demand curve, that represents the benefit gained by consumers?
    Consumer Surplus
    Market Price
    Deadweight Loss
    Producer Surplus
    30s
  • Q7
    What is the term for the objective price minus the seller's subjective price, representing the benefit to producers?
    Deadweight Loss
    Consumer Surplus
    Monopoly Surplus
    Producer Surplus
    30s
  • Q8
    What does the total benefit to society consist of in a competitive market?
    Deadweight Loss
    Total Market Price
    Monopoly Benefit
    Consumer Surplus and Producer Surplus
    30s
  • Q9
    What is the reason that the government interferes with monopolies in order to protect society's overall well-being?
    Consumer Surplus
    Producer Surplus
    Monopoly Benefits
    Deadweight Loss
    30s
  • Q10
    Which market structure results in a loss of total benefit to society due to inefficiencies compared to a competitive market?
    Competitive Market
    Monopoly
    Monopolistic Competition
    Oligopoly
    30s
  • Q11
    What is Consumer Surplus?
    The maximum price a consumer is willing to pay.
    The difference between what the consumer would have been willing to pay and the market price that he or she DID pay.
    The minimum price a seller would have accepted.
    The difference between the market price and the subjective price of the seller.
    30s
  • Q12
    What is Producer Surplus?
    The minimum price a seller would have accepted.
    The objective price minus the seller's subjective price.
    The maximum price a consumer is willing to pay.
    The difference between the market price and the subjective price of the seller.
    30s
  • Q13
    What is the total benefit to society?
    Producer Surplus minus Consumer Surplus.
    Consumer Surplus added to the Producer Surplus.
    Total market revenue.
    Consumer Surplus minus Producer Surplus.
    30s
  • Q14
    What is Deadweight Loss?
    The total benefit gained by consumers and producers.
    The difference between the total benefit to society under a competitive market and under a monopoly.
    The loss incurred by producers in a competitive market.
    The loss incurred by consumers in a monopolistic market.
    30s
  • Q15
    What is the reason for government interference with monopolies?
    The existence of deadweight loss in society due to monopolies.
    To eliminate consumer and producer surpluses.
    To decrease prices for producers.
    To increase prices for consumers.
    30s

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