Measuring Welfare and Efficiency
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Questions and Answers

Which of the following best describes social surplus?

  • The difference between the minimum price producers are willing to accept and the actual price they receive
  • The total amount of money producers are willing to accept for a good or service
  • The total amount of money consumers are willing to pay for a good or service
  • The difference between the maximum price consumers are willing to pay and the actual price they pay (correct)

    • Consumer surplus is calculated as the difference between

  • The minimum price producers are willing to accept and the actual price they receive
  • The total amount of money consumers are willing to pay for a good or service
  • The maximum price consumers are willing to pay and the actual price they pay (correct)
  • The total amount of money producers are willing to accept for a good or service

    • Producer surplus is calculated as the difference between

  • The total amount of money consumers are willing to pay for a good or service
  • The total amount of money producers are willing to accept for a good or service
  • The minimum price producers are willing to accept and the actual price they receive (correct)
  • The maximum price consumers are willing to pay and the actual price they pay

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