Question 1(1 point)

The difference between the amount producers actually receive and the amount they would be willing to accept is called

Question 1 options:

a)

supply.

b)	deadweight loss.

c)	consumer surplus.

d)	producer surplus.

Question 2(1 point)

If Julio pays $7,500 to purchase Melissa's car, even though he would have been willing to pay as much as $8,500 and she would have sold it for as little as $7,000, then Julio

Question 2 options:

a)	received $7,500 of consumer surplus from the transaction.

b)	received $1,000 of consumer surplus from the transaction.

c)	received $8,500 of consumer surplus from the transaction.

d)	received $1,500 of consumer surplus from the transaction.

Question 3(1 point)

S1 Price (dollars per fruit snack) e S3 a Quantity (fruit snacks)