The topic of the questions in this test are based on standard introductory level microeconomics textbook. For my class I am using Krugman & Wells’ Economics textbook. This test is based on theory provided in Topic 4: Consumer and Producer Surplus. There are 30 questions in this test. You have maximum of 5 minutes to answer each question. Good luck! Note: Some abbreviations used in this test: MB=marginal benefit, MC=marginal cost, CS=consumer surplus, PS=producer surplus, TS=total surplus, DWL=deadweight loss.

Economics, Microeconomics, Introductory Microeconomics, Consumer Surplus, Producer Surplus, Total Surplus, Welfare, Deadweight Loss, Marginal Benefit, Marginal Cost, Willingness to Pay