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Image transcription text c. The sum is larger when 2 units are produced. d. The sum cannot be compared between these two situations. 8. A

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Image transcription text c. The sum is larger when 2 units are produced.
d. The sum cannot be compared between these two situations.
8. A deadweight loss
a. is possible only if the good is underproduced but is not possible if the good is overproduced.
b. subtracts only from producer surplus.
c. is a loss to consumers and a gain to producers.
d. is a loss inflicted on the entire society.
9. Suppose consumers decide they value a product more highly than before. Then the efficient quantity
to produce of that product
a. increases.
b. does not change.
c. decreases.
d. perhaps changes, but without more information the direction of the change cannot be told.
10. Suppose the marginal cost of producing a product rises. Then, the efficient quantity to produce of
that
product
a. increases.
b. does not change.
c. decreases.
d. perhaps changes, but without more information
the direction of the change cannot be told. Image transcription text Figure 2 M 0- Price [dollars per unil’]
L (homily {units per day] 4. When production is 3 units with a price of 53, consumer surplus in the market illustrated above
equals a. area a. b. area b. c. area a + b. d. area a + d. . When production is 3 units with a price of $3, producer surplus in this market equals
area a + b. area c. area c + d. . area a + c. app-93m . If the quantity is restricted to 2, then the deadweight loss equals
area c. area c +d. area a +b.| . area b + c. app-91m 7. How does the sum ofthe consumer surplus and producer surplus when 3 units are produced compare
to the sum when 2 units are produced?
a. The sum is larger when 3 units are produced. b. The sum is the same. Image transcription text Figure 1
6
S – MC
5
Price (dollars per unit)
4
3
2
D = MB
0
2
3
4
5
Quantity (units per day)
2. The equilibrium quantity produced equals
a. 0 units.
b. 3 units.
c. 6 units.
d. None of the above.
3. The efficient quantity equals
a. 0 units.
b. 3 units.
c. 6 units.
d. None of the above.

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