Lesson 2.4.1

2.4.1 Consumer and producer surplus and price changes Quiz: OCR Economics, Unit 2

20 questions

Written by Revision Ninja · Last reviewed 11 October 2026

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Lesson 2.4.1, Consumer and producer surplus and price changes: 20 multiple choice questions for the OCR Economics (H460), Unit 2: The role of markets, written with Revision Ninja.

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The 20 questions

  1. What is consumer surplus defined as in microeconomics?

    • Willingness minus price
    • Price minus cost
    • Profit minus revenue
    • Total revenue generated

  2. Where is consumer surplus located relative to price on a market diagram?

    • Below supply curve
    • To the right
    • Above market price
    • Below market price

  3. What is producer surplus defined as in microeconomics?

    • Price plus tax
    • Revenue minus profit
    • Price minus cost
    • Cost minus price

  4. Where is producer surplus located relative to price on a market diagram?

    • Above demand curve
    • Below market price
    • Left of axis
    • Above market price

  5. What happens to consumer surplus when the market price of a good increases?

    • It stays constant
    • It increases
    • It decreases
    • It turns zero

  6. How does a decrease in market price affect producer surplus?

    • It doubles
    • It stays unchanged
    • It decreases
    • It increases

  7. What term describes the sum of consumer surplus and producer surplus in a market?

    • Community surplus
    • Producer profit
    • Deadweight loss
    • Marginal revenue

  8. If maximum willingness to pay is £15 and price is £10, what is consumer surplus?

    • £5
    • £25
    • £15
    • £150

  9. A supplier receives £20 for a product they would accept £12 for. Calculate producer surplus.

    • £32
    • £12
    • £8
    • £20

  10. If market demand is perfectly elastic, what is the total consumer surplus?

    • Equal to supply
    • Zero
    • Equal to price
    • Infinite

  11. What is the loss of community surplus caused by a market inefficiency called?

    • Excess demand
    • Deadweight loss
    • Consumer deficit
    • Tax revenue

  12. How does the imposition of an indirect tax affect total community surplus?

    • It decreases
    • It reaches infinity
    • It increases
    • It stays unchanged

  13. What effect does a government subsidy on a good have on consumer surplus?

    • It increases
    • It decreases
    • It stays unchanged
    • It eliminates it

  14. Market price is £10, quantity is 100, demand intercept is £20. Calculate consumer surplus.

    • £1,000
    • £500
    • £50
    • £200

  15. Compared to elastic demand, how does inelastic demand affect consumer surplus at equilibrium?

    • Leaves it unchanged
    • Makes it smaller
    • Makes it larger
    • Makes it zero

  16. What happens to producer surplus when price rises due to an outward demand shift?

    • It increases
    • It stays unchanged
    • It becomes zero
    • It decreases

  17. At what market condition is total economic surplus maximised in a competitive market?

    • Dynamic efficiency
    • Allocative efficiency
    • Market failure
    • Productive efficiency

  18. If an effective price ceiling is set below equilibrium, what happens to producer surplus?

    • It decreases
    • It equals zero
    • It stays unchanged
    • It increases

  19. Supply intercepts vertical axis at £4. At price £10, quantity is 20. Calculate producer surplus.

    • £120
    • £60
    • £200
    • £40

  20. What happens to consumer surplus when existing consumers pay a lower market price?

    • It decreases
    • It increases
    • It stays unchanged
    • It turns negative

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