G202 Krefts Exam 1 COMPREHENSIVE questions
answered, 2025 verified graded A+ already passed!
consumer surplus - (ANSWER)difference between willingness to pay and how
much you're paying
producer surplus - (ANSWER)difference between price firm charges and
minimum price needed to cover costs
net benefit given up - (ANSWER)what does producing below Qe bring society?
net cost incurred - (ANSWER)what does producing above Qe bring society?
demand curve - (ANSWER)willingness to pay based on value
supply curve - (ANSWER)willingness to produce based on price
inward - (ANSWER)which way does the supply curve shift due to a TAX?
inward - (ANSWER)which way does the supply curve shift due to a PRODUCTIVE
REGULATION?
outward - (ANSWER)which way does the supply curve shift due to a SUBSIDY?
, shrink - (ANSWER)does market shrink/expand with a tax?
shrink - (ANSWER)does market shrink/expand with a productive regulation?
expand - (ANSWER)does market shrink/expand with a subsidy?
overproduction/market above Qe - (ANSWER)when should a tax be in play?
overproduction/market above Qe - (ANSWER)when should a productive
regulation be in play?
underproduction/market below Qe - (ANSWER)when should a subsidy be in play?
the extra revenue is kept within the supply chain - (ANSWER)difference between
taxes and productive regulations
lobbying - (ANSWER)devoting resources to influence public policy formation to
bring more income/support from government to your group
1) form coalitions 2) find political opportunities/threats 3) inform and influence -
(ANSWER)lobbyist's goals
answered, 2025 verified graded A+ already passed!
consumer surplus - (ANSWER)difference between willingness to pay and how
much you're paying
producer surplus - (ANSWER)difference between price firm charges and
minimum price needed to cover costs
net benefit given up - (ANSWER)what does producing below Qe bring society?
net cost incurred - (ANSWER)what does producing above Qe bring society?
demand curve - (ANSWER)willingness to pay based on value
supply curve - (ANSWER)willingness to produce based on price
inward - (ANSWER)which way does the supply curve shift due to a TAX?
inward - (ANSWER)which way does the supply curve shift due to a PRODUCTIVE
REGULATION?
outward - (ANSWER)which way does the supply curve shift due to a SUBSIDY?
, shrink - (ANSWER)does market shrink/expand with a tax?
shrink - (ANSWER)does market shrink/expand with a productive regulation?
expand - (ANSWER)does market shrink/expand with a subsidy?
overproduction/market above Qe - (ANSWER)when should a tax be in play?
overproduction/market above Qe - (ANSWER)when should a productive
regulation be in play?
underproduction/market below Qe - (ANSWER)when should a subsidy be in play?
the extra revenue is kept within the supply chain - (ANSWER)difference between
taxes and productive regulations
lobbying - (ANSWER)devoting resources to influence public policy formation to
bring more income/support from government to your group
1) form coalitions 2) find political opportunities/threats 3) inform and influence -
(ANSWER)lobbyist's goals
