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<td align="left" valign="top"<a href="/bp_osullivan_economics_4/0,10067,1825516-,00.html" target="_top" class="breadcrumbs" >Chapter 7 </a</td>

<td align="left" valign="top"<span class="breadcrumbs"<a name="lastcrumb" id="lastcrumb">Practice Quiz</a</span</td>

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</table>

<br>

<span class="contentHeader">Practice Quiz</span>

<br>

<br>

<br</span>

This activity contains 19 questions.

<p />

</span>

</tr>

<td align="left" valign="top"<span class="multiChoiceQuestion">For market equilibrium to generate the largest possible surplus and thus be efficient, which condition(s) must be met?

</span</td>

</tr>

<td align="left" valign="top"<label for="answer1_0"<span class="multiChoiceAnswer">There must be no external benefits.

</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer1_1"<span class="multiChoiceAnswer">There must be no external costs. </span</label</td>

</tr>

<td align="left" valign="top"<label for="answer1_2"<span class="multiChoiceAnswer">We must have perfect competition.</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer1_3"<span class="multiChoiceAnswer">We need perfect information

</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer1_4"<span class="multiChoiceAnswer">All of the above.</span</label</td>

</tr>

</table>

</td>

</tr>

</table>

</td>

</tr>

</tr>

</table>

<br<br>

</tr>

<td align="left" valign="top"<span class="multiChoiceQuestion">Refer to the graph below. How much is the total consumer surplus in this market?<p<IMG SRC="/wps/media/objects/1782/1825516/WPS_fig7_1.gif" ALT="WPS_fig7_1.gif" </span</td>

</tr>

</tr>

</tr>

</tr>

<td align="left" valign="top"<label for="answer2_3"<span class="multiChoiceAnswer">None of the above.</span</label</td>

</tr>

</table>

</td>

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</table>

</td>

</tr>

</tr>

</table>

<br<br>

</tr>

<td align="left" valign="top"<span class="multiChoiceQuestion">Refer to the graph below. Who earns the greatest amount of consumer surplus in this graph?<p<IMG SRC="/wps/media/objects/1782/1825516/WPS_fig7_1.gif" ALT="WPS_fig7_1.gif" </span</td>

</tr>

</tr>

<td align="left" valign="top"<label for="answer3_1"<span class="multiChoiceAnswer">Fivola</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer3_2"<span class="multiChoiceAnswer">Siggy</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer3_3"<span class="multiChoiceAnswer">None of the above. They all pay the same and earn the same amount of consumer surplus.</span</label</td>

</tr>

</table>

</td>

</tr>

</table>

</td>

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</tr>

</table>

<br<br>

</tr>

<td align="left" valign="top"<span class="multiChoiceQuestion">Refer to the graph below. What can be said about the participation of Efrin in the market?<p<IMG SRC="/wps/media/objects/1782/1825516/WPS_fig7_2.gif" ALT="WPS_fig7_2.gif" </span</td>

</tr>

<td align="left" valign="top"<label for="answer4_0"<span class="multiChoiceAnswer">Efrin is the producer that receives the greatest amount of producer surplus.</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer4_1"<span class="multiChoiceAnswer">Efrin's participation is insignificant because he earns the least amount of consumer surplus.</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer4_2"<span class="multiChoiceAnswer">Efrin does not participate in the market at all.</span</label</td>

</tr>

<td align="left" valign="top"<label for="answer4_3"<span class="multiChoiceAnswer">Efrin earns the same amount of consumer surplus as Eve.</span</label</td>

</tr>

</table>

</td>

</tr>

</table>

</td>

</tr>

</tr>

</table>

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</tr>

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