Microeconomics

Quiz 13-a

Name:______________________________ Group:____________ Date: __________________


1. A market comprised of a downward-sloping demand curve that intersects an upward-sloping supply curve is said
to be stable because:

A. price will never change.

B. quantity will never change.

C. demand will never change.

D. at any price other than equilibrium, forces in the market move price towards the equilibrium.

2. Whenever the quantity demanded is not equal to the quantity supplied, the quantity that is actually sold in the
market is:

A. the quantity demanded.

B. the quantity supplied.

C. the smaller of the quantity demanded and the quantity supplied.

D. the greater of the quantity demanded and the quantity supplied.

3. Almost every holiday season at least one gift idea achieves fad status. When that happens, prices tend to
increase dramatically.

A. Sellers want to take advantage of people who received a year-end bonus.

B. Quantity demanded exceeds quantity supplied.

C. Too much government regulation in the market.

D. The demand curve for fad items is upward-sloping.

4- Below is market information of Burger
P ($) QD QS
0 12,000 0 a) Draw demand and supply curve in only one graph and show
2 9,000 1,000 equilibrium Point
4 6,000 2,000 b) Calculate consumer surplus, producer surplus, and economic
6 3,000 3,000 surplus
8 0 4,000 c) If government set price at 3$, calculate consumer surplus,
producer surplus, economic surplus, and deadweight loss

d)



















































 Microeconomics
Quiz 13-b

Name:______________________________ Group:____________ Date: __________________


1. Which of the following is NOT a characteristic of a market in equilibrium?

A. Excess supply is zero.

B. All consumers are able to purchase an amount equal to their quantity demanded.

C. Excess demand is zero.

D. The equilibrium price is stable, i.e., there is no pressure for it to change.

2. A shortage occurs when:

A. demand is greater than supply.

B. the equilibrium price is too high.

C. quantity demanded exceeds quantity supplied.

D. quantity supplied exceeds quantity demanded.

3. If the market for sport utility vehicles has excess supply, then one can say that:

A. supply is greater than demand.

B. quantity supplied is greater than quantity demanded.

C. demand is greater than supply.

D. quantity demanded is greater than quantity supplied.

4- Below is market information of Burger
P ($) QD QS
0 8,000 0 a) Draw demand and supply curve in only one graph and show
3 6,000 2,000 equilibrium Point
6 4,000 4,000 b) Calculate consumer surplus, producer surplus, and economic
9 2,000 6,000 surplus
12 0 8,000 c) If government set price at 3$, calculate consumer surplus,
producer surplus, economic surplus, and deadweight loss

d)





















































 Microeconomics
Quiz 13-a
Answer

Name:______________________________ Group:____________ Date: __________________


1. A market comprised of a downward-sloping demand curve that intersects an upward-sloping supply curve is said
to be stable because:

A. price will never change.

B. quantity will never change.

C. demand will never change.

D. at any price other than equilibrium, forces in the market move price towards the equilibrium.

2. Whenever the quantity demanded is not equal to the quantity supplied, the quantity that is actually sold in the
market is:

A. the quantity demanded.

B. the quantity supplied.

C. the smaller of the quantity demanded and the quantity supplied.

D. the greater of the quantity demanded and the quantity supplied.

3. Almost every holiday season at least one gift idea achieves fad status. When that happens, prices tend to
increase dramatically.

A. Sellers want to take advantage of people who received a year-end bonus.

B. Quantity demanded exceeds quantity supplied.

C. Too much government regulation in the market.

D. The demand curve for fad items is upward-sloping.

4- Below is market information of Burger
P ($) QD QS
0 12,000 0 a) Draw demand and supply curve in only one graph and show
2 9,000 1,000 equilibrium Point
4 6,000 2,000 b) Calculate consumer surplus, producer surplus, and economic
6 3,000 3,000 surplus
8 0 4,000 c) If government set price at 3$, calculate consumer surplus,
producer surplus, economic surplus, and deadweight loss

d)







 Microeconomics
Quiz 13-b
Answer

Name:______________________________ Group:____________ Date: __________________


1. Which of the following is NOT a characteristic of a market in equilibrium?

A. Excess supply is zero.

B. All consumers are able to purchase an amount equal to their quantity demanded.

C. Excess demand is zero.

D. The equilibrium price is stable, i.e., there is no pressure for it to change.

2. A shortage occurs when:

A. demand is greater than supply.

B. the equilibrium price is too high.

C. quantity demanded exceeds quantity supplied.

D. quantity supplied exceeds quantity demanded.

3. If the market for sport utility vehicles has excess supply, then one can say that:

A. supply is greater than demand.

B. quantity supplied is greater than quantity demanded.

C. demand is greater than supply.

D. quantity demanded is greater than quantity supplied.

4- Below is market information of Burger
P ($) QD QS
0 8,000 0 a) Draw demand and supply curve in only one graph and show
3 6,000 2,000 equilibrium Point
6 4,000 4,000 b) Calculate consumer surplus, producer surplus, and economic
9 2,000 6,000 surplus
12 0 8,000 c) If government set price at 3$, calculate consumer surplus,
producer surplus, economic surplus, and deadweight loss

d)