UNT ECON 1100 EXAM 2 STUDY
GUIDE 2026 COMPLETE SOLUTIONS
VERIFIED PASS
◉ a marginal benefit curve can be interpreted as a.
Answer: demand curve
◉ consumer surplus is the difference between ___ and product price and
producer surplus is the difference between ___ and product price.
Answer: marginal benefit, marginal cost
◉ if betty is willing to pay $45 for a new purse but only has to pay $30
for the purse, betty.
Answer: will enjoy consumer surplus if the purchases the purse
◉ buyers gain consumer surplus when the market price is.
Answer: less than the highest price buyers are willing to pay
◉ which of the following statements best illustrates the concept of
producer surplus?.
Answer: a new client agrees to pay $50 a week for cleaning provided by
Alice's Cleaning Service, although the business would be willing to
accept $25 to perform these services
, ◉ the difference between the highest price a consumer will pay and the
actual market price is called ___; the difference between the actual
market price and the lowest price a seller will accept is called.
Answer: consumer surplus; producer surplus
◉ assuming that demand is downward-sloping and everything else
remains the same, an increase in the supply of a product leads to.
Answer: an increase in consumer surplus
◉ assuming that supply is upward-sloping and everything else remains
the same, a decrease in the demand for a product leads to.
Answer: a decrease in producer surplus
◉ when exchange in a market occurs such that the marginal benefit of
the last unit bought and sold is just equal to the marginal cost of the last
unit bought and sold.
Answer: total consumer and producer surplus is maximized
◉ the purpose of setting a price ceiling below the equilibrium price is to.
Answer: maintain a low price for buyers in the market
◉ the more elastic the supply curve, the ___ a commodity tax raises the
price paid by consumers and the ___ the percentage of the tax burden
borne by consumers.
Answer: more; greater
GUIDE 2026 COMPLETE SOLUTIONS
VERIFIED PASS
◉ a marginal benefit curve can be interpreted as a.
Answer: demand curve
◉ consumer surplus is the difference between ___ and product price and
producer surplus is the difference between ___ and product price.
Answer: marginal benefit, marginal cost
◉ if betty is willing to pay $45 for a new purse but only has to pay $30
for the purse, betty.
Answer: will enjoy consumer surplus if the purchases the purse
◉ buyers gain consumer surplus when the market price is.
Answer: less than the highest price buyers are willing to pay
◉ which of the following statements best illustrates the concept of
producer surplus?.
Answer: a new client agrees to pay $50 a week for cleaning provided by
Alice's Cleaning Service, although the business would be willing to
accept $25 to perform these services
, ◉ the difference between the highest price a consumer will pay and the
actual market price is called ___; the difference between the actual
market price and the lowest price a seller will accept is called.
Answer: consumer surplus; producer surplus
◉ assuming that demand is downward-sloping and everything else
remains the same, an increase in the supply of a product leads to.
Answer: an increase in consumer surplus
◉ assuming that supply is upward-sloping and everything else remains
the same, a decrease in the demand for a product leads to.
Answer: a decrease in producer surplus
◉ when exchange in a market occurs such that the marginal benefit of
the last unit bought and sold is just equal to the marginal cost of the last
unit bought and sold.
Answer: total consumer and producer surplus is maximized
◉ the purpose of setting a price ceiling below the equilibrium price is to.
Answer: maintain a low price for buyers in the market
◉ the more elastic the supply curve, the ___ a commodity tax raises the
price paid by consumers and the ___ the percentage of the tax burden
borne by consumers.
Answer: more; greater
