Lesson 1.2.8

1.2.8 Consumer and producer surplus Quiz: Pearson Edexcel Economics, Unit 1

20 questions

Written by Revision Ninja · Last reviewed 11 October 2026

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Lesson 1.2.8, Consumer and producer surplus: 20 multiple choice questions for the Pearson Edexcel Economics (9EC0), Unit 1: Theme 1: Introduction to markets and market failure, written with Revision Ninja.

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The 20 questions

  1. What is the difference between maximum willingness to pay and the market price paid?

    • Economic profit
    • Consumer surplus
    • Deadweight loss
    • Producer surplus

  2. What is the difference between the market price received and the minimum supply price?

    • Marginal cost
    • Producer surplus
    • Supernormal profit
    • Consumer surplus

  3. On a supply and demand diagram, consumer surplus lies directly beneath which curve?

    • Supply curve
    • Average revenue
    • Demand curve
    • Marginal cost

  4. On a supply and demand diagram, producer surplus lies directly above which curve?

    • Demand curve
    • Marginal revenue
    • Supply curve
    • Average cost

  5. If the market price of a good falls while demand is unchanged, what happens to consumer surplus?

    • It decreases
    • It increases
    • It falls to zero
    • It remains unchanged

  6. What happens to consumer surplus when the market price increases and demand remains unchanged?

    • It doubles
    • It increases
    • It stays constant
    • It decreases

  7. What happens to producer surplus when market demand shifts to the right, ceteris paribus?

    • It turns negative
    • It decreases
    • It increases
    • It stays constant

  8. How does a decrease in supply affect consumer surplus in a market, ceteris paribus?

    • It stays constant
    • It decreases
    • It equals zero
    • It increases

  9. Which market event will directly cause consumer surplus to increase?

    • Decrease in supply
    • Rise in price
    • Increase in tax
    • Fall in price

  10. A consumer is willing to pay £16 for a product priced at £10. What is the consumer surplus?

    • £6
    • £16
    • £10
    • £26

  11. A seller receives £10 for a product they were willing to sell for £4. What is the producer surplus?

    • £6
    • £14
    • £4
    • £10

  12. What total measure is maximised at free market equilibrium?

    • Firm profits
    • Marginal cost
    • Total surplus
    • Consumer price

  13. Which surplus must be added to producer surplus to measure total social welfare?

    • Consumer surplus
    • Trade surplus
    • Government surplus
    • Import surplus

  14. What happens to consumer surplus when market supply increases, holding demand constant?

    • It remains unchanged
    • It decreases
    • It increases
    • It becomes negative

  15. What is the sum of consumer surplus and producer surplus in a market called?

    • Excess demand
    • Market revenue
    • Total surplus
    • Price elasticity

  16. What happens to producer surplus when the market price of a good falls?

    • It increases
    • It decreases
    • It becomes elastic
    • It remains unchanged

  17. Which area lies between the demand curve and the market equilibrium price?

    • Excess supply
    • Consumer surplus
    • Producer surplus
    • Tax revenue

  18. What happens to total economic surplus if a government restricts trading below equilibrium?

    • It remains unchanged
    • It doubles
    • It decreases
    • It increases

  19. Two consumers pay £6 each. One values it at £9 and one at £7. Calculate total consumer surplus.

    • £16
    • £3
    • £2
    • £4

  20. A firm sells a good for £5 but was willing to accept £3. What is the producer surplus?

    • £3
    • £2
    • £8
    • £5

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