Micro: Deadweight loss from Monopoly
Quiz by Alia
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20 questions
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- Q1What 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 PriceDeadweight LossProducer SurplusConsumer Surplus30s
- Q2What is the benefit to society that is the sum total of the surpluses realized by each of the consumers?Monopoly BenefitTotal Consumer SurplusDeadweight LossProducer Surplus30s
- Q3What is the area above the supply curve, up to the price line, that represents the benefit gained by producers?Producer SurplusDeadweight LossConsumer SurplusMonopoly Surplus30s
- Q4What is the term for the difference between the total benefit to society under a competitive market and society under a monopoly?Consumer SurplusDeadweight LossProducer SurplusMonopoly Benefit30s
- Q5Which market structure leads to a combination of Consumer Surplus and Producer Surplus for the benefit of society?OligopolyMonopolistic CompetitionCompetitive MarketMonopoly30s
- Q6In a competitive market, what is the area above the market price, up to the demand curve, that represents the benefit gained by consumers?Consumer SurplusMarket PriceDeadweight LossProducer Surplus30s
- Q7What is the term for the objective price minus the seller's subjective price, representing the benefit to producers?Deadweight LossConsumer SurplusMonopoly SurplusProducer Surplus30s
- Q8What does the total benefit to society consist of in a competitive market?Deadweight LossTotal Market PriceMonopoly BenefitConsumer Surplus and Producer Surplus30s
- Q9What is the reason that the government interferes with monopolies in order to protect society's overall well-being?Consumer SurplusProducer SurplusMonopoly BenefitsDeadweight Loss30s
- Q10Which market structure results in a loss of total benefit to society due to inefficiencies compared to a competitive market?Competitive MarketMonopolyMonopolistic CompetitionOligopoly30s
- Q11What 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
- Q12What 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
- Q13What 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
- Q14What 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
- Q15What 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