6/26/25, 4:31 PM G202 Krefts Exam 1 COMPREHENSIVE questions answered, 2025 verified graded A+ already passed! Flashcards | Quizlet
G202 Krefts Exam 1 COMPREHENSIVE questions
answered, 2025 verified graded A+ already
passed!
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Terms in this set (84)
difference between willingness to pay and how much
consumer surplus
you're paying
difference between price firm charges and minimum
producer surplus
price needed to cover costs
net benefit given up what does producing below Qe bring society?
net cost incurred what does producing above Qe bring society?
demand curve willingness to pay based on value
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, 6/26/25, 4:31 PM G202 Krefts Exam 1 COMPREHENSIVE questions answered, 2025 verified graded A+ already passed! Flashcards | Quizlet
supply curve willingness to produce based on price
inward which way does the supply curve shift due to a TAX?
which way does the supply curve shift due to a
inward
PRODUCTIVE REGULATION?
which way does the supply curve shift due to a
outward
SUBSIDY?
shrink does market shrink/expand with a tax?
does market shrink/expand with a productive
shrink
regulation?
expand does market shrink/expand with a subsidy?
overproduction/market when should a tax be in play?
above Qe
overproduction/market when should a productive regulation be in play?
above Qe
underproduction/market when should a subsidy be in play?
below Qe
the extra revenue is kept difference between taxes and productive regulations
within the supply chain
devoting resources to influence public policy
lobbying formation to bring more income/support from
government to your group
1) form coalitions 2) find lobbyist's goals
political
opportunities/threats 3)
inform and influence
small group of people receive benefits at expense of
small interest effect
large, unorganized group
majoritarian politics widely dispersed costs & widely dispersed benefits
entrepreneurial politics concentrated costs & widely dispersed benefits
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G202 Krefts Exam 1 COMPREHENSIVE questions
answered, 2025 verified graded A+ already
passed!
Save
Warm up with practice questions
Learn 1 /7 Study with Learn
Terms in this set (84)
difference between willingness to pay and how much
consumer surplus
you're paying
difference between price firm charges and minimum
producer surplus
price needed to cover costs
net benefit given up what does producing below Qe bring society?
net cost incurred what does producing above Qe bring society?
demand curve willingness to pay based on value
https://quizlet.com/1057090330/g202-krefts-exam-1-comprehensive-questions-answered-2025-verified-graded-a-already-passed-flash-cards/ 1/7
, 6/26/25, 4:31 PM G202 Krefts Exam 1 COMPREHENSIVE questions answered, 2025 verified graded A+ already passed! Flashcards | Quizlet
supply curve willingness to produce based on price
inward which way does the supply curve shift due to a TAX?
which way does the supply curve shift due to a
inward
PRODUCTIVE REGULATION?
which way does the supply curve shift due to a
outward
SUBSIDY?
shrink does market shrink/expand with a tax?
does market shrink/expand with a productive
shrink
regulation?
expand does market shrink/expand with a subsidy?
overproduction/market when should a tax be in play?
above Qe
overproduction/market when should a productive regulation be in play?
above Qe
underproduction/market when should a subsidy be in play?
below Qe
the extra revenue is kept difference between taxes and productive regulations
within the supply chain
devoting resources to influence public policy
lobbying formation to bring more income/support from
government to your group
1) form coalitions 2) find lobbyist's goals
political
opportunities/threats 3)
inform and influence
small group of people receive benefits at expense of
small interest effect
large, unorganized group
majoritarian politics widely dispersed costs & widely dispersed benefits
entrepreneurial politics concentrated costs & widely dispersed benefits
https://quizlet.com/1057090330/g202-krefts-exam-1-comprehensive-questions-answered-2025-verified-graded-a-already-passed-flash-cards/ 2/7
