Microeconomics Exam2
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| show | Buyers’ willingness to pay for a good minus the amount they actually pay
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| Consumer surplus measures | show 🗑
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| Consumer surplus can be computed by | show 🗑
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| show | The amount sellers receive for their goods minus their costs of
production
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| show | The benefit sellers get from participating in a market
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| show | the area below the price and above the supply curve
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| Total surplus | show 🗑
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| show | The equilibrium of supply and demand
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| Willingness to pay | show 🗑
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| show | the value of everything a seller must give up to produce a good
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| A price ceiling is | show 🗑
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| show | binding
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| show | the quantity demanded exceeds the quantity supplied
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| A price floor is a | show 🗑
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| If the price floor is above the equilibrium price, then the price is | show 🗑
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| show | the quantity supplied exceeds the quantity demanded
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| show | Falls
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| A tax on a good places a wedge between | show 🗑
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| When the market moves to the new equilibrium | show 🗑
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| The incidence of a tax depends on | show 🗑
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| show | the manner in which the burden of a tax is shared among participants in a market
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| How Taxes on Sellers Affect Market Outcomes | show 🗑
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| Lessons on taxes | show 🗑
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| show | -The demand curve will shift left by the exact amount of the tax
-Decrease in demand
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| When supply is elastic and demand is inelastic | show 🗑
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| When supply is inelastic and demand is elastic | show 🗑
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| In general, a tax burden falls more heavily on the side of the market that is | show 🗑
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| show | buyers do not have good alternatives to consuming this product
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| small elasticity of supply means | show 🗑
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