A quantity demanded of gasoline will be equal to

A. quantity demanded of gasoline will be equal to quantity supplied of gasoline
B. there will be excess demand for gasoline
C. there will be excess supply of gasoline
D. demand for gasoline will be less than supply of gasoline
Question 16 of 20
5.0/ 5.0 Points

Producer surplus is equal to __________ .
A. the area under the supply curve
B. the area above the supply curve below the good's price
C. the area under the supply curve below the good's price
D. the good's price times the quantity purchased
Question 17 of 20
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Which of the following would result from a quota imposed on the quantity of cars that can be imported into the
United States?
A. an increase in the total surplus
B. an increase in producer surplus
C. an increase in prices for consumers
D. an increase in consumer surplus
Question 18 of 20
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At the market equilibrium, resources are allocated efficiently because __________ .
A. the marginal cost of producing another unit is equal to zero
B. the price buyers pay accurately reflects the marginal cost of the resources used to produce the good
C. the price buyers pay is greater than sellers' willingness to sell
D. all of the above
Question 19 of 20
5.0/ 5.0 Points
Assume that Crystal's demand for handbags remains constant, but the price of handbags increases. Crystal's
consumer surplus __________ .
A. decreases
B. increases
C. remains constant
D. may increase or decrease depending on the amount of the price decrease
Question 20 of 20
5.0/ 5.0 Points

Mary has an old house built in 1950 that she would be willing to sell for $100,000. If someone offers to buy her
house for $110,000, Mary's producer surplus would be equal to __________ .
A. $5,000
B. $10,000
C. $55,000
D. $100,000