Lesson 4.1.5.11

4.1.5.11 Consumer and producer surplus Quiz: AQA Economics, Unit 1

20 questions

Written by Revision Ninja · Last reviewed 11 October 2026

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Lesson 4.1.5.11, Consumer and producer surplus: 20 multiple choice questions for the AQA Economics (7136), Unit 1: Individuals, firms, markets and market failure, written with Revision Ninja.

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The 20 questions

  1. What term describes the difference between what consumers are willing to pay and market price?

    • Economic profit
    • Consumer surplus
    • Producer surplus
    • Marginal revenue

  2. What is the difference between the actual price received by sellers and their minimum acceptable price?

    • Consumer surplus
    • Producer surplus
    • Marginal revenue
    • Supernormal profit

  3. On a demand and supply diagram, consumer surplus lies below the demand curve and above what?

    • Average cost curve
    • Supply curve
    • Market price
    • Quantity axis

  4. On a demand and supply diagram, producer surplus lies above the supply curve and below what?

    • Quantity axis
    • Average cost curve
    • Demand curve
    • Market price

  5. A demand curve is P = 20 - Q and the market price is £10. Consumer surplus is:

    • £100
    • £50
    • £10
    • £200

  6. A supply curve is P = 2 + Q and the market price is £10. Producer surplus is:

    • £80
    • £16
    • £32
    • £64

  7. When a monopoly increases price, lost consumer surplus becomes producer surplus and what else?

    • Consumer subsidy
    • Tax revenue
    • Deadweight loss
    • Dynamic gain

  8. What term describes the loss of total economic welfare when mutually beneficial trades do not occur?

    • X-inefficiency
    • Negative externality
    • Deadweight loss
    • Producer surplus

  9. Deadweight loss under monopoly is represented by the area between demand and:

    • Marginal cost
    • Marginal revenue
    • Average revenue
    • Average cost

  10. First-degree price discrimination converts all consumer surplus into:

    • Producer surplus
    • Deadweight loss
    • Marginal cost
    • Tax revenue

  11. Market price is £6 and marginal cost is £4. What is producer surplus?

    • £2
    • £4
    • £6
    • £10

  12. When an indirect tax is imposed on a good, consumer surplus:

    • Rises
    • Equals zero
    • Stays constant
    • Falls

  13. A consumer willing to pay £30 buys a good for £22. Their consumer surplus is:

    • £22
    • £30
    • £52
    • £8

  14. In a perfectly competitive market in equilibrium, total economic surplus is:

    • Zero
    • Negative
    • Minimised
    • Maximised

  15. Demand is Q = 16 - P and supply is Q = P - 4. The equilibrium price is £10 and quantity is 6. Consumer surplus is:

    • £9
    • £18
    • £36
    • £6

  16. A merger that creates monopoly power usually causes consumer surplus to:

    • Double
    • Increase
    • Decrease
    • Stay constant

  17. Holding supply constant, an increase in market price causes producer surplus to:

    • Decrease
    • Stay constant
    • Increase
    • Fall to zero

  18. Allocative efficiency occurs at the output level where marginal benefit equals:

    • Marginal revenue
    • Total cost
    • Marginal cost
    • Average cost

  19. Compared to a single high price, price discrimination by a monopolist may:

    • Increase output
    • Eliminate profit
    • Reduce output
    • Lower total revenue

  20. Demand is P = 35 - Q/4. When price rises from £20 to £25, consumer surplus falls by:

    • £450
    • £250
    • £200
    • £150

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