Question : 91. Assume the market was in equilibrium in the graph shown. : 1379029

91. 

Assume the market was in equilibrium in the graph shown. If the market price were set to $12, which of the following is true?

A. For those still interacting in the market, some surplus is transferred from buyer to seller.

B. For those still interacting in the market, some surplus is transferred from seller to buyer.

C. Producers gain the surplus of those buyers who dropped out of the market.

D. Consumers gain the surplus of those sellers who dropped out of the market.

92. 

Assume the market was in equilibrium in the graph shown. If the market price were set to $6, which of the following is true?

A. For those still interacting in the market, some surplus is transferred from buyer to seller.

B. For those still interacting in the market, some surplus is transferred from seller to buyer.

C. Producers gain the surplus of those buyers who dropped out of the market.

D. Consumers gain the surplus of those sellers who dropped out of the market.

93. 

Assume the market was in equilibrium in the graph shown. If the market price gets set to $7, which of the following is true?

A. Some consumers gain surplus, but total surplus falls.

B. Some producers gain surplus, but total surplus falls.

C. Some producers lose surplus, but total surplus rises.

D. Some consumers lose surplus, but total surplus rises.

94. 

Assume the market was in equilibrium in the graph shown. If the market price gets set to $14, which of the following is true?

A. Some consumers gain surplus, but total surplus falls.

B. Some producers gain surplus, but total surplus falls.

C. Some producers lose surplus, but total surplus rises.

D. Some consumers lose surplus, but total surplus rises.

95.Assume a market price gets set artificially high—that is, it gets set above the equilibrium price. This change means:

A. Every consumer loses surplus, and it all gets transferred to producers.

B. Some consumers drop out of the market, and those left lose some surplus.

C. Every producer gains surplus, due to the higher price now being charged.

D. None of these is true.

96.Assume a market price gets set artificially low—that is, it gets set below the equilibrium price. This change means:

A. Every producer loses surplus, and it all gets transferred to consumers.

B. Some producers drop out of the market, and those left lose some surplus.

C. Every consumer gains surplus, due to the lower price now being charged.

D. None of these is true.

97.Assume a market that has an equilibrium price of $4. If the market price is set at $8, which of the following is true?

A. Some surplus is transferred from consumers to producers, but total surplus falls.

B. All surplus is transferred from consumers to producers, and total surplus stays the same.

C. Some surplus is transferred from producers to consumers, but total surplus falls.

D. Some surplus is transferred from consumers to producers, causing total surplus to increase.

98.Assume a market that has an equilibrium price of $7. If the market price is set at $3, which of the following is true?

A. Some surplus is transferred from consumers to producers, but total surplus falls.

B. All surplus is transferred from consumers to producers, and total surplus stays the same.

C. Some surplus is transferred from producers to consumers, but total surplus falls.

D. Some surplus is transferred from consumers to producers, causing total surplus to increase.

99.Assume a market that has an equilibrium price of $5. If the market price is set at $9, producer surplus:

A. rises for some because of the increased price.

B. decreases for some because of fewer transactions taking place.

C. Both of these statements are true.

D. Neither of these statements is true.

100.Assume a market that has an equilibrium price of $8. If the market price is set at $7, consumer surplus:

A. rises for some because of the increased price.

B. decreases for some because of fewer transactions taking place.

C. Both of these statements are true.

D. Neither of these statements is true.