13)The total of consumer plus producer surplus is greatest

• A.at the market equilibrium.
• B.when consumer surplus is maximized.
• C.when producer surplus is maximized.
• D.all of the above

14)The difference between the maximum a person is willing to pay and current market price is known as

• A.consumer surplus.
• B.market surplus.
• C.nonprice surplus.
• D.producer surplus.

15)The total of consumer plus producer surplus is ________ at the market equilibrium.

• A.zero
• B.negative
• C.smallest
• D.greatest

16)The difference between current market price and full costs of production for the firm is known as

• A.producer surplus.
• B.market surplus.
• C.nonprice surplus.
• D.consumer surplus.

17)If the market price of a bowling ball is $125 and the full cost of producing it is $35, then a bowling ball producing firm gets producer surplus of

• A.$35.
• B.$90.
• C.$125.
• D.$160.

18)When there is overproduction in a market,

• A.there is a deadweight loss.
• B.the total of consumer and producer surplus is maximized.
• C.market price is too low.
• D.there is excess quantity demanded.

19)A deadweight loss occurs ________ in a market.

• A.only when there is underproduction
• B.only when there is overproduction
• C.when there is efficient production
• D.when there is underproduction or overproduction