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Econ 211 quiz 2 answers

Econ 211 quiz 2 answers - Econ 211 Spring 2008 Patrick...

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Econ 211 Page 1 of 3 Spring 2008 Quiz 2 Patrick McLaughlin Quiz 2: Choose the correct answer to each question and fill in the corresponding bubble on your answer sheet. There is only one answer to each question. There are 14 questions total; you have until the end of the period to finish. Good luck. Questions 1 – 4 are based on the following graph: 1. Assume this graph shows a market equilibrium that maximizes gains from trade (i.e. that maximizes consumer surplus plus producer surplus). What is the price and quantity if this is true? A. P3, Q1 B. P2, Q2 C. P1, Q3 D. P1, Q1 E. P3, Q3 2. Again, assume the graph shows a market in a gains from trade maximizing equilibrium. What area represents consumer surplus? 3. Again, assume the graph shows a market in a gains from trade maximizing equilibrium. What area represents producer surplus?
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