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Micro –Unit Two – Sample Multiple Choice Questions 14. Producer surplus is the (D) a. b. c. d. e. area under the supply curve to the left of the amount sold area under the supply curve to the right of the amount sold amount the seller is paid plus the cost of production amount the seller is paid less the cost of production cost to sellers of participating in a market 15. During the 1990’s, the price of VCR’s fell about 30%, and quantity sold decreased by the same amount. The demand for VCR’s must (E) a. b. c. d. e. be inelastic be elastic be unit elastic have shifted to the right have shifted to the left 16. Which of the following will occur if a legal price floor is placed on a good below its free-market equilibrium? (D) a. b. c. d. e. surpluses will develop shortages will develop underground markets will develop the equilibrium price will ration the good the quantity sold will increase 17. A marketing survey shows that gate receipts would increase if the price of tickets to a summer rock concert increased, even though the number of tickets sold would fall. What does this imply about the price elasticity of demand for concert tickets? (A) a. b. c. d. e. demand is inelastic demand is elastic demand is unit elastic demand is perfectly inelastic demand is perfectly elastic