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A result of welfare economics is that the equilibrium price of a product is considered to be the best price because it
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
A good will have a more elastic demand, the
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
Consumer surplus is the area
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
Total revenue will be at its largest value on a linear demand curve at the
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
Producer surplus directly measures
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
Trade restrictions in the real world
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
When a country allows international trade and becomes an exporter of a good,
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
In general, elasticity is a measure of
All of the above are correct.
The well-being of sellers.
How much buyers and sellers respond to changes in market conditions.
Maximizes the combined welfare of buyers and sellers.
Midpoint of the curve.
Greater the availability of close substitutes.
Below the demand curve and above the price.
Hurt domestic consumers and benefit domestic producers
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