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Consumer Surplus Quiz

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1. What is the most appropriate definition of Consumer Surplus?

2. When does a consumer surplus typically occur?

3. Which of the following situations will likely increase consumer surplus?

4. What is the impact of an increase in supply on consumer surplus?

5. Why is consumer surplus important to market efficiency?

6. Given a demand curve, how is consumer surplus represented graphically?

7. What happens to consumer surplus if the demand for a good is perfectly inelastic?

8. How does monopoly affect consumer surplus?

9. What happens to the consumer surplus when a tax is introduced in the market?

10. Which factor would lead to a decrease in consumer surplus?