Chapter 7/Consumers, Producers, and the Efficiency of Markets ? 481
85. Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result,
consumer surplus in the television market a. decreases. b. is unchanged. c. increases.
d. may increase, decrease, or remain unchanged.
ANS: D
NAT: Analytic MSC: Applicative
DIF: 3 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
86. Motor oil and gasoline are complements. If the price of motor oil increases, consumer surplus in the gasoline
market
a. decreases. b. is unchanged. c. increases.
d. may increase, decrease, or remain unchanged.
ANS: D
NAT: Analytic MSC: Applicative
DIF: 3 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
87. Dallas buys strawberries, and he would be willing to pay more than he now pays. Suppose that Dallas has a
change in his tastes such that he values strawberries more than before. If the market price is the same as before, then
a. Dallas's consumer surplus would be unaffected. b. Dallas's consumer surplus would increase. c. Dallas's consumer surplus would decrease.
d. Dallas would be wise to buy fewer strawberries than before.
ANS: B
NAT: Analytic MSC: InterpretiveFigure 7-1
PriceDIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
AP2BP1CDFDemandQ2Q1Quantity88. Refer to Figure 7-1. When the price is P1, consumer surplus is
a. A. b. A+B. c. A+B+C. d. A+B+D.
ANS: C
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
482 ? Chapter 7/Consumers, Producers, and the Efficiency of Markets 89. Refer to Figure 7-1. When the price is P2, consumer surplus is
a. A. b. B. c. A+B. d. A+B+C.
ANS: A
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
90. Refer to Figure 7-1. When the price rises from P1 to P2, consumer surplus
a. increases by an amount equal to A. b. decreases by an amount equal to B+C. c. increases by an amount equal to B+C. d. decreases by an amount equal to C.
ANS: B
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
91. Refer to Figure 7-1. Area C represents the
a. decrease in consumer surplus that results from a downward-sloping demand curve.
b. consumer surplus to new consumers who enter the market when the price falls from P2 to P1. c. increase in producer surplus when quantity sold increases from Q2 to Q1.
d. decrease in consumer surplus to each consumer in the market when the price increases from P1 to
P2.
ANS: B
NAT: Analytic MSC: Applicative
DIF: 3 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
92. Refer to Figure 7-1. When the price rises from P1 to P2, which of the following statements is not true?
a. The buyers who still buy the good are worse off because they now pay more.
b. Some buyers leave the market because they are not willing to buy the good at the higher price. c. Buyers place a higher value on the good after the price increase. d. Consumer surplus in the market falls.
ANS: C
NAT: Analytic MSC: Applicative
DIF: 3 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
Chapter 7/Consumers, Producers, and the Efficiency of Markets ? 483
Figure 7-2
PriceABP1DFGCP2DemandQ1Q2Quantity93. Refer to Figure 7-2. Which area represents consumer surplus at a price of P1?
a. ABD b. ACG c. BCDF d. DFG
ANS: A
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
94. Refer to Figure 7-2. Which area represents consumer surplus at a price of P2?
a. ABD b. ACG c. BCDF d. DFG
ANS: B
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
95. Refer to Figure 7-2. Which area represents the increase in consumer surplus when the price falls from P1 to
P2?
a. ABD b. ACG c. DFG d. BCGD
ANS: D
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
96. Refer to Figure 7-2. When the price falls from P1 to P2, which area represents the increase in consumer
surplus to existing buyers? a. ABD b. ACG c. BCFD d. DFG
ANS: C
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
484 ? Chapter 7/Consumers, Producers, and the Efficiency of Markets
97. Refer to Figure 7-2. When the price falls from P1 to P2, which area represents the increase in consumer
surplus to new buyers entering the market? a. ABD b. ACG c. BCDF d. DFG
ANS: D
NAT: Analytic MSC: ApplicativeFigure 7-3
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
98. Refer to Figure 7-3. If the price of the good is $6, then consumer surplus is
a. $4. b. $6. c. $8. d. $10.
ANS: C
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
99. Refer to Figure 7-3. If the price of the good is $5, then consumer surplus is
a. $9. b. $11. c. $13. d. $16.
ANS: B
NAT: Analytic MSC: Applicative
DIF: 2 REF: 7-1 LOC: Supply and demand
TOP: Consumer surplus
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