question
1) Billy and Sally are baking desserts. Billy can bake 48 cookies or 6 cakes in one hour. Sally can bake 36
cookies or 3 cakes in one hour. Use this information to answer the following 4 questions.
1. What is Billy's marginal cost of baking cookies?
a. 6 baked cakes
b. 3 baked cakes
c. 1/8 baked cakes
d. 1/12 baked cakes
cookies or 3 cakes in one hour. Use this information to answer the following 4 questions.
1. What is Billy's marginal cost of baking cookies?
a. 6 baked cakes
b. 3 baked cakes
c. 1/8 baked cakes
d. 1/12 baked cakes
answer
c. 1/8 baked cakes
question
2) Billy has comparative advantage in ___, and Sally has comparative advantage in ___.
a. baking cakes; baking cookies
b. baking cakes; baking cakes
c. baking cookies; baking cookies
d. baking cookies; baking cakes
a. baking cakes; baking cookies
b. baking cakes; baking cakes
c. baking cookies; baking cookies
d. baking cookies; baking cakes
answer
a. baking cakes; baking cookies
question
3) When Billy and Sally work together, what is the point of specialization on their economy-wide PPF?
a. 48 cookies baked; 6 cakes baked
b. 48 cookies baked; 3 cakes baked
c. 36 cookies baked; 3 cakes baked
d. 36 cookies baked; 6 cakes baked
a. 48 cookies baked; 6 cakes baked
b. 48 cookies baked; 3 cakes baked
c. 36 cookies baked; 3 cakes baked
d. 36 cookies baked; 6 cakes baked
answer
d. 36 cookies baked; 6 cakes baked
question
4) When Billy and Sally work together, which of the following points satisfies production efficiency given
their combined production possibilities?
a. 85 cookies and 0 cakes
b. 13 cookies and 1 cake
c. 0 cookies and 9 cakes
d. 17 cookies and 2 cakes
their combined production possibilities?
a. 85 cookies and 0 cakes
b. 13 cookies and 1 cake
c. 0 cookies and 9 cakes
d. 17 cookies and 2 cakes
answer
c. 0 cookies and 9 cakes
question
5) Which of the following best defines comparative advantage?
a. The individual can complete that task in less time than anyone else.
b. The individual can complete that task in more time than anyone else.
c. The individual can complete that task at a lower cost than anyone else.
d. The individual can complete that task at a higher cost than anyone else.
a. The individual can complete that task in less time than anyone else.
b. The individual can complete that task in more time than anyone else.
c. The individual can complete that task at a lower cost than anyone else.
d. The individual can complete that task at a higher cost than anyone else.
answer
c. the individual can complete that task at a lower cost than anyone else
question
6. A production point inside the PPF is ________.
a. impossible
b. possible but inefficient
c. possible and efficient
d. impossible without trade
a. impossible
b. possible but inefficient
c. possible and efficient
d. impossible without trade
answer
b. possible but inefficient
question
7. If the price of corn increases 5% and the quantity demanded decreases by 10%, then corn is _____.
a. an elastic good
b. an inelastic good
c. an inferior good
Summer 2019 Econ 251 Exam 1 AM Key
d. a bad
a. an elastic good
b. an inelastic good
c. an inferior good
Summer 2019 Econ 251 Exam 1 AM Key
d. a bad
answer
a. an elastic good
question
8. If the price of corn increases 20% and the quantity of butter demanded decreases by 15%, then corn
and butter are _____.
a. substitutes in consumption
b. complements in consumption
c. substitutes in production
d. complements in production
and butter are _____.
a. substitutes in consumption
b. complements in consumption
c. substitutes in production
d. complements in production
answer
b. complements in consumption
question
9. If the price of coffee decreases from $4 per cup to $2 per cup and the quantity demanded changes
from 20 cups to 40 cups, what is the demand elasticity? Coffee is ________.
a. 0; perfectly inelastic
b. 1; inelastic
c. 1; unit elastic
d. 3; elastic
from 20 cups to 40 cups, what is the demand elasticity? Coffee is ________.
a. 0; perfectly inelastic
b. 1; inelastic
c. 1; unit elastic
d. 3; elastic
answer
c. 1; unit elastic
question
10. Congratulations! Your boss just told you that you're getting a promotion. Your income will double
ceteris paribus. You choose to buy more fresh produce and less canned vegetables. Fresh produce is
_______, and canned vegetables are ________.
a. an inferior good; a normal good
b. a normal good; an inferior good
c. a normal good; a normal good
d. an inferior good; an inferior good
ceteris paribus. You choose to buy more fresh produce and less canned vegetables. Fresh produce is
_______, and canned vegetables are ________.
a. an inferior good; a normal good
b. a normal good; an inferior good
c. a normal good; a normal good
d. an inferior good; an inferior good
answer
b. a normal good; an inferior good
question
11. Mike owns an ice cream shop. Mike has a great idea. Mike plans to raise the price of his ice cream
from $3 per cone to $10 per cone to increase his revenue. Mike is shocked to see that his revenue
decreases. This result is because ice cream is what kind of good?
a. Elastic
b. Inferior
c. Inelastic
d. Giffen
from $3 per cone to $10 per cone to increase his revenue. Mike is shocked to see that his revenue
decreases. This result is because ice cream is what kind of good?
a. Elastic
b. Inferior
c. Inelastic
d. Giffen
answer
a. elastic
question
12. When the price of textbooks increases by 30%, the quantity demanded falls by 5%. This implies that
the increase in the price of textbooks will __________ revenue, so a book publisher could increase its
revenue by _________ the price of textbooks.
a. not change; not change
b. decrease; decreasing
c. increase; decreasing
d. increase; increasing
the increase in the price of textbooks will __________ revenue, so a book publisher could increase its
revenue by _________ the price of textbooks.
a. not change; not change
b. decrease; decreasing
c. increase; decreasing
d. increase; increasing
answer
d. increase; increasing
question
13. The government decides to impose a minimum price on beer to deter excessive alcohol
consumption. The equilibrium price of beer is $15 per case. The government sets the price floor at $10
per case of beer. What will happen to the market for beer?
a. There will be a shortage of beer.
Summer 2019 Econ 251 Exam 1 AM Key
b. There will be a surplus of beer.
c. The market will be in equilibrium.
d. Not enough information is given.
consumption. The equilibrium price of beer is $15 per case. The government sets the price floor at $10
per case of beer. What will happen to the market for beer?
a. There will be a shortage of beer.
Summer 2019 Econ 251 Exam 1 AM Key
b. There will be a surplus of beer.
c. The market will be in equilibrium.
d. Not enough information is given.
answer
c. The market will be in equilibrium
question
14. The government decides to impose a price ceiling on carrots because they want more people to eat
carrots since they are nutritious. The equilibrium price of carrots is $2 per bag. The government sets
the price ceiling at $1 per bag. What will happen to the market for carrots?
a. There will be a shortage of carrots.
b. There will be a surplus of carrots.
c. The market will be in equilibrium.
d. Not enough information is given.
carrots since they are nutritious. The equilibrium price of carrots is $2 per bag. The government sets
the price ceiling at $1 per bag. What will happen to the market for carrots?
a. There will be a shortage of carrots.
b. There will be a surplus of carrots.
c. The market will be in equilibrium.
d. Not enough information is given.
answer
a. There will a shortage of carrots
question
The equilibrium price of a pack of cigarettes is $5 per pack, and the equilibrium quantity is 10,000 packs
of cigarettes. The government decides to impose a $2 excise tax on producers of cigarettes packs. Now,
the post-tax equilibrium price is $6.50 per pack and the post-tax equilibrium quantity is 9,500 packs of
cigarettes. We know that the elasticity of demand of cigarettes is 0.5 and the elasticity of supply of
cigarettes is 3. Use this information to answer the following 4 questions.
15. How much tax revenue is generated by this excise tax?
a. $20,000
b. $19,500
c. $19,000
d. $18,500
of cigarettes. The government decides to impose a $2 excise tax on producers of cigarettes packs. Now,
the post-tax equilibrium price is $6.50 per pack and the post-tax equilibrium quantity is 9,500 packs of
cigarettes. We know that the elasticity of demand of cigarettes is 0.5 and the elasticity of supply of
cigarettes is 3. Use this information to answer the following 4 questions.
15. How much tax revenue is generated by this excise tax?
a. $20,000
b. $19,500
c. $19,000
d. $18,500
answer
c. $19,000
question
16. How much dead weight loss is generated by this excise tax?
a. $1000
b. $500
c. $250
d. $0
a. $1000
b. $500
c. $250
d. $0
answer
b. $500
question
17. Who bares the tax burden?
a. Both consumers and producers
b. Consumers bare all the tax burden
c. Producers bare all the tax burden
d. Not enough information given
a. Both consumers and producers
b. Consumers bare all the tax burden
c. Producers bare all the tax burden
d. Not enough information given
answer
a. Both consumers and producers
question
18. Who bares more of the tax burden?
a. Consumers and producers bare the tax burden equally
b. Consumers bare more of the tax burden than producers
c. Producers bare more of the tax burden than consumers
d. Not enough information given
a. Consumers and producers bare the tax burden equally
b. Consumers bare more of the tax burden than producers
c. Producers bare more of the tax burden than consumers
d. Not enough information given
answer
b. Consumers bare more of the tax burden than producers
question
Andy's parents give him $10 a week in allowance. Andy goes to the store to buy his two favorite treats
chocolate bars and gummy bears. Chocolate bars cost $2 each, and a package of gummy bears costs $1
each. The table below shows the total utility Andy associates with chocolate bars and gummy bears.
Use this information to answer the following 3 questions.
19. Which equation represents Andy's budget constraint? (C = Chocolate Bars and G = Packs of Gummy
Bears)
a. G = 15 - 2C
b. G = 10 - C
c. 10 = C + 2G
d. 10 = 2C + G
chocolate bars and gummy bears. Chocolate bars cost $2 each, and a package of gummy bears costs $1
each. The table below shows the total utility Andy associates with chocolate bars and gummy bears.
Use this information to answer the following 3 questions.
19. Which equation represents Andy's budget constraint? (C = Chocolate Bars and G = Packs of Gummy
Bears)
a. G = 15 - 2C
b. G = 10 - C
c. 10 = C + 2G
d. 10 = 2C + G
answer
d. 10 = 2C + G
question
20. What combination of chocolate bars and packs of gummy bears maximizes Andy's utility given his
limited budget?
a. 0 chocolate bars and 10 packs of gummy bears
b. 6 chocolate bars and 3 packs of gummy bears
c. 3 chocolate bars and 4 packs of gummy bears
d. 5 chocolate bars and 5 packs of gummy bears
limited budget?
a. 0 chocolate bars and 10 packs of gummy bears
b. 6 chocolate bars and 3 packs of gummy bears
c. 3 chocolate bars and 4 packs of gummy bears
d. 5 chocolate bars and 5 packs of gummy bears
answer
c. 3 chocolate bars and 4 packs of gummy bears
question
21. What is the marginal utility that Andy receives from the 4th chocolate bar?
a. 100
b. 90
c. 70
d. 65
a. 100
b. 90
c. 70
d. 65
answer
a. 100
question
22. Craig has $20 per week to spend on burgers and burritos. If the price of burgers falls from $8 to $6,
which of the following occurs?
a. The relative price of burritos decreases
b. The relative price of burritos increases
c. Craig's relative income decreases
d. Craig's relative income doesn't change
which of the following occurs?
a. The relative price of burritos decreases
b. The relative price of burritos increases
c. Craig's relative income decreases
d. Craig's relative income doesn't change
answer
b. The relative price of burritos increases
question
The graph below shows indifference curves and budget lines associated with Taylor's purchases of chips
and pop. Taylor has $100 of income she can spend on those two goods. Use the graph to answer the
following 3 questions.
23. What is Taylor's marginal rate of substitution at point X?
a. -1
b. 1
c. -4
d. 4
and pop. Taylor has $100 of income she can spend on those two goods. Use the graph to answer the
following 3 questions.
23. What is Taylor's marginal rate of substitution at point X?
a. -1
b. 1
c. -4
d. 4
answer
b. 1
question
24. Given the change in the budget line from BC1 to BC2, how did the price of chips change?
a. The price of chips fell from $6 to $1.50.
b. The price of chips fell from $4 to $1.
c. The price of chips rose from $1.50 to $6.
d. The price of chips rose from $1 to $4.
a. The price of chips fell from $6 to $1.50.
b. The price of chips fell from $4 to $1.
c. The price of chips rose from $1.50 to $6.
d. The price of chips rose from $1 to $4.
answer
d. The price of chips rose from $1 to $4
question
25. Which of the following movements best defines the substitution effect of the price change in the
graph?
a. The substitution effect is the movement from Z to X.
b. The substitution effect is the movement from Z to Y.
c. The substitution effect is the movement from Y to Z.
d. The substitution effect is the movement from Y to X.
graph?
a. The substitution effect is the movement from Z to X.
b. The substitution effect is the movement from Z to Y.
c. The substitution effect is the movement from Y to Z.
d. The substitution effect is the movement from Y to X.
answer
c. The substitution effect is the movement from Y to Z.
question
26. Both households and societies face many decisions because
a. resources are scarce.
b. populations may increase or decrease over time.
c. wages for households and therefore society fluctuate with business cycles.
d. people, by nature, tend to disagree.
a. resources are scarce.
b. populations may increase or decrease over time.
c. wages for households and therefore society fluctuate with business cycles.
d. people, by nature, tend to disagree.
answer
a. resources are scarce
question
27. With the same amount of resources, Country A can produce 25 tons of chicken or 50 tons of wheat.
What is Country A's opportunity cost of producing 1 ton of wheat?
a. ½ ton of chicken
b. 2 tons of chicken
c. 25 tons of wheat
d. 25 tons of chicken
What is Country A's opportunity cost of producing 1 ton of wheat?
a. ½ ton of chicken
b. 2 tons of chicken
c. 25 tons of wheat
d. 25 tons of chicken
answer
a. 1/2 ton of chicken
question
28. When should sunk costs be considered in decision-making?
Summer 2019 Econ 251 Exam 1 AM Key
a. In special circumstances determined by management
b. Never
c. Always
d. When the business environment has changed
Summer 2019 Econ 251 Exam 1 AM Key
a. In special circumstances determined by management
b. Never
c. Always
d. When the business environment has changed
answer
b. Never
question
29. When marginal cost is less than average total cost,
a. marginal cost must be falling.
b. average total cost is falling.
c. average total cost is rising.
d. average variable cost must be falling.
a. marginal cost must be falling.
b. average total cost is falling.
c. average total cost is rising.
d. average variable cost must be falling.
answer
b. average total cost is falling
question
30. Which of the following statements correctly defines a demand curve?
a. A demand curve is a function that shows the relationship between price and the quantity
available for sale.
b. A demand curve is a function that shows the relationship between price and the quantity
supplied.
c. A demand curve is a function that shows the relationship between price and the quantity
demanded.
d. A demand curve is a function that shows the relationship between quantity demanded and
quantity supplied.
a. A demand curve is a function that shows the relationship between price and the quantity
available for sale.
b. A demand curve is a function that shows the relationship between price and the quantity
supplied.
c. A demand curve is a function that shows the relationship between price and the quantity
demanded.
d. A demand curve is a function that shows the relationship between quantity demanded and
quantity supplied.
answer
c. A demand curve is a function that shows the relationship between price and the quantity demanded
question
31. A decrease in income causes demand for a normal good to ________, and an increase in income
causes demand for an inferior good to ________.
a. decrease; decrease
b. increase; increase
c. decrease; increase
d. increase; decrease
causes demand for an inferior good to ________.
a. decrease; decrease
b. increase; increase
c. decrease; increase
d. increase; decrease
answer
a. decrease; decrease
question
32. (Figure: Demand Shift) Which of the following could explain the shift in the figure?
a. Consumer income increases in the market for a normal good.
b. Consumer income falls in the market for a normal good.
c. Consumer income rises in the market for an inferior good.
d. Consumer income falls in the market for a luxury good.
a. Consumer income increases in the market for a normal good.
b. Consumer income falls in the market for a normal good.
c. Consumer income rises in the market for an inferior good.
d. Consumer income falls in the market for a luxury good.
answer
a. Consumer income increases in the market for a normal good
question
33. Refer to the figure. When the demand curve shifts from D0 to D1, the equilibrium price rises to:
a. $9 and the equilibrium quantity rises to 120.
b. $9 and the equilibrium quantity rises to 160.
c. $8 and the equilibrium quantity rises to 140.
d. $8 and the equilibrium quantity rises to 160.
a. $9 and the equilibrium quantity rises to 120.
b. $9 and the equilibrium quantity rises to 160.
c. $8 and the equilibrium quantity rises to 140.
d. $8 and the equilibrium quantity rises to 160.
answer
c. $8 and the equilibrium quantity rises to 140
question
34. (Figure: Demand, Supply Shifts) In the figure, the initial demand curve is D1 and the initial supply
curve is S1. If technological innovations lower the costs of production, what will happen?
a. D1 will shift to D3 and equilibrium price and equilibrium quantity will increase.
b. S1 will shift to S2 and equilibrium price will increase but equilibrium quantity
will decrease.
c. D1 will shift to D2 and equilibrium price and equilibrium quantity will
decrease.
d. S1 will shift to S3 and equilibrium price will decrease but equilibrium
quantity will increase.
curve is S1. If technological innovations lower the costs of production, what will happen?
a. D1 will shift to D3 and equilibrium price and equilibrium quantity will increase.
b. S1 will shift to S2 and equilibrium price will increase but equilibrium quantity
will decrease.
c. D1 will shift to D2 and equilibrium price and equilibrium quantity will
decrease.
d. S1 will shift to S3 and equilibrium price will decrease but equilibrium
quantity will increase.
answer
d. S1 will shift to S3 and equilibrium price will decrease but equilibrium quantity will increase
question
35. In the figure, the initial demand curve is D1 and the initial supply curve is S1. If this depicts the
equilibrium in the market for computer printers, what will happen when the price of computers
increases?
a. There is not enough information to determine what will happen.
b. D1 will shift to D2.
c. D1 will shift to D3.
d. S1 will shift to S
equilibrium in the market for computer printers, what will happen when the price of computers
increases?
a. There is not enough information to determine what will happen.
b. D1 will shift to D2.
c. D1 will shift to D3.
d. S1 will shift to S
answer
b. D1 will shift to D2
question
Use the following demand and supply functions for the market of sports shoes for question
36- 40 (the demand will be measured in pairs):
Qd = 30 - (1/3)P
Qs = (2/3)P - 6
36. What's the marginal cost of producing the 6th pair of sports shoes?
a. $1.5
b. $6
c. $18
d. $30
36- 40 (the demand will be measured in pairs):
Qd = 30 - (1/3)P
Qs = (2/3)P - 6
36. What's the marginal cost of producing the 6th pair of sports shoes?
a. $1.5
b. $6
c. $18
d. $30
answer
c. $18
question
37. Which of the following is NOT an accurate interpretation of allocative efficiency?
a. The marginal benefit is greater than the marginal cost.
b. Resources are used where they are most highly valued.
c. Total surplus (consumer surplus + producer surplus) is maximized.
d. The market is at equilibrium.
a. The marginal benefit is greater than the marginal cost.
b. Resources are used where they are most highly valued.
c. Total surplus (consumer surplus + producer surplus) is maximized.
d. The market is at equilibrium.
answer
a. The marginal benefit is greater than the marginal cost
question
38. What is the equilibrium (Q, P) in the market for sports shoes?
a. (18, $30)
b. (18, $36)
c. (15, $25)
d. (15, $10)
a. (18, $30)
b. (18, $36)
c. (15, $25)
d. (15, $10)
answer
b. (18, $36)
question
39. What's the maximum total surplus in this market?
a. $600
b. $729
c. $1350
d. $1458
a. $600
b. $729
c. $1350
d. $1458
answer
b. $729
question
40. What will be the deadweight loss with a production level of 12?
a. $162
b. $121.5
c. $81
d. $90
a. $162
b. $121.5
c. $81
d. $90
answer
c. $81
question
41. The table shows the results of Excel Company's market survey. If the market price of Excel
computers is $1,200 each, how much total consumer surplus (in $) are the four consumers earning?
a. $380
b. $415
c. $345
d. $5,145
computers is $1,200 each, how much total consumer surplus (in $) are the four consumers earning?
a. $380
b. $415
c. $345
d. $5,145
answer
a. $380
question
42. Refer to the figure. Calculate the dollar amount of consumer surplus being earned in this market.
a. $4,500
b. $9,000
c. $18,000
d. $450
a. $4,500
b. $9,000
c. $18,000
d. $450
answer
a. $4,500
question
43. Refer to the figure. What is the change in producer surplus if the price rises from $2 to $3 per unit?
a. $5
b. $10
c. $15
d. $20
a. $5
b. $10
c. $15
d. $20
answer
c. $15
question
44. Given an income of $23 and the following table, what combination of pizza slices and frozen yogurt.
What does Katherine get when frozen yogurt costs $2 and $5 a pizza slice, using all of her income
and maximizing utility?
a. 4 frozen yogurt and 3 pizza slices
b. 2 frozen yogurt and 5 pizza slices
c. 6 frozen yogurt and 1 pizza slice
d. 3 frozen yogurt and 3 pizza slices
What does Katherine get when frozen yogurt costs $2 and $5 a pizza slice, using all of her income
and maximizing utility?
a. 4 frozen yogurt and 3 pizza slices
b. 2 frozen yogurt and 5 pizza slices
c. 6 frozen yogurt and 1 pizza slice
d. 3 frozen yogurt and 3 pizza slices
answer
a, 4 frozen yogurt and 3 pizza slices
question
45. Suppose Kevin has an income of $75 and buys only pizza at $3 and candy at $5 each. What is the
equation of Kevin's budget line? (Qc is the quantity of candy and Qp is the quantity of pizza.)
a. Qc = 15 + 0.6Qp
b. Qc = 15 - 0.6Qp
c. Qc = 10 - 1.6Qp
d. Qc = 10 + 0.6Qp
equation of Kevin's budget line? (Qc is the quantity of candy and Qp is the quantity of pizza.)
a. Qc = 15 + 0.6Qp
b. Qc = 15 - 0.6Qp
c. Qc = 10 - 1.6Qp
d. Qc = 10 + 0.6Qp
answer
b. Qc = 15 - 0.6Qp
question
46. Bread is on the horizontal axis and wine is on the vertical axis in the consumer-choice diagram. Pb is
the price of a loaf of bread, Pw is the price of a flask of wine, and Inc is the consumer's income.
Bread and wine are the only two goods on which income is spent. Prices are $1.50 for a loaf of bread
and $6.00 for a flask of wine. The slope of the budget line is
a. -1
b. -0.25
c. 0
d. 0.25
the price of a loaf of bread, Pw is the price of a flask of wine, and Inc is the consumer's income.
Bread and wine are the only two goods on which income is spent. Prices are $1.50 for a loaf of bread
and $6.00 for a flask of wine. The slope of the budget line is
a. -1
b. -0.25
c. 0
d. 0.25
answer
b. -0.25
question
47. Reb buys fishing lures and steaks. If his budget does not change and the price of a fishing lure
decreases, the maximum number of fishing lures he can purchase ________ and the maximum
number of steaks he can purchase ________.
a. increases, decreases
b. decreases, increases
c. increases, does not change
d. increases, increases
decreases, the maximum number of fishing lures he can purchase ________ and the maximum
number of steaks he can purchase ________.
a. increases, decreases
b. decreases, increases
c. increases, does not change
d. increases, increases
answer
c. increases, does not change
question
48. Matthew eats ribs and bagels. His budget line is 3R = 30 - 5B. (R is the quantity of ribs and B is the
quantity of bagels.) Matthew's real income in terms of ribs is ___ ribs and his real income in terms of
bagels is ___ bagels.
a. 3; 5
b. 5; 3
c. 10; 6
d. 6; 10
quantity of bagels.) Matthew's real income in terms of ribs is ___ ribs and his real income in terms of
bagels is ___ bagels.
a. 3; 5
b. 5; 3
c. 10; 6
d. 6; 10
answer
c. 10; 6
question
49. Following question 48, suppose ribs is on the horizontal line and bagels on the vertical line. If the
price of ribs increases and the budget is the same, how will the absolute value of the slope of the
budget line change?
a. it becomes bigger
b. it remains unchanged
c. it becomes smaller
d. not enough information
price of ribs increases and the budget is the same, how will the absolute value of the slope of the
budget line change?
a. it becomes bigger
b. it remains unchanged
c. it becomes smaller
d. not enough information
answer
a. it becomes bigger
question
50. In light of paradox of value, clothes made by Gap are cheap and bring a ___ . Gucci clothes are
expensive and bring a ___.
a. small consumer surplus; large consumer surplus
b. large deadweight loss; small deadweight loss
c. small deadweight loss; large deadweight loss
d. large consumer surplus; small consumer surplus
expensive and bring a ___.
a. small consumer surplus; large consumer surplus
b. large deadweight loss; small deadweight loss
c. small deadweight loss; large deadweight loss
d. large consumer surplus; small consumer surplus
answer
d. large consumer surplus; small consumer surplus
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