offering 30fg for the right answers
Chapter 07 MC-28
Table 7-1
BUYER WILLINGNESS TO PAY
MIKE $50.00
SANDY $30.00
JONATHAN $20.00
HALEY $10.00
Refer to Table 7-1. If the table represents the willingness to pay of four buyers and the price of the product is $18, then their total consumer surplus is
a. $42.
b. $38.
c. $72.
d. $46.
2. Chapter 07 MC-131
Market Supply and Demand for Pepperoni Pizza
Table 7-5
PRICE
QUANTITY
DEMANDED
QUANTITY
SUPPLIED
$12.00
0
12
$10.00
4
10
$ 8.00
8
8
$ 6.00
12
6
$ 4.00
16
4
$ 2.00
20
2
Refer to Table 7-5. The equilibrium or market-clearing price is
a. $4.00.
b. $6.00.
c. $10.00.
d. $8.00.
Save Answer
3. Chapter 07 MC-133
Market Supply and Demand for Pepperoni Pizza
Table 7-5
PRICE
QUANTITY
DEMANDED
QUANTITY
SUPPLIED
$12.00
0
12
$10.00
4
10
$ 8.00
8
8
$ 6.00
12
6
$ 4.00
16
4
$ 2.00
20
2
Refer to Table 7-5. As the table suggests, the demand curve is a straight line and so is the supply curve. Taking this into account, when there is equilibrium, consumer surplus is
a. $16.
b. $4.
c. $12.
d. $8.
4. Chapter 07 MC-4
Table 7-3
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day.
First Orange
Second Orange
Third Orange
Alex
$2.00
$1.50
$0.75
Barb
$1.50
$1.00
$0.80
Carlos
$0.75
$0.25
$0
Refer to Table 7-3. If the market price of an orange is $1.20, the market quantity of oranges demanded per day is
a. 4.
b. 2.
c. 1.
d. 3.
5. Chapter 07 MC-29
(Points: 1)
Table 7-1
BUYER WILLINGNESS TO PAY
MIKE $50.00
SANDY $30.00
JONATHAN $20.00
HALEY $10.00
Refer to Table 7-1. If the table represents the willingness to pay of four buyers and the price of the product is $30, then their total consumer surplus is
a. $-10.
b. $20.
c. $-6.
d. $30.
6. Chapter 07 MC-38
Consumer surplus is the
a. value of a good to a consumer.
b. amount of a good consumers get without paying anything for it.
c. amount a consumer is willing to pay minus the amount the consumer actually pays.
d. amount a consumer pays minus the amount the consumer is willing to pay.
7. Chapter 07 MC-69
Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result, consumer surplus in the television market
a. may increase, decrease, or remain unchanged.
b. increases.
c. is unchanged.
d. decreases.
8. Chapter 07 MC-50
Table 7-3
For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day.
First Orange
Second Orange
Third Orange
Alex
$2.00
$1.50
$0.75
Barb
$1.50
$1.00
$0.80
Carlos
$0.75
$0.25
$0
Refer to Table 7-3. If the market price of an orange is $1.20, consumer surplus amounts to
a. $5.00.
b. $1.10.
c. $1.40.
d. $0.70.
9. Chapter 07 MC-196
Economists tend to see ticket scalping as
a. an unproductive activity which should be made illegal everywhere.
b. an inequitable interference in the orderly process of ticket distribution.
c. a way for a few to profit without producing anything of value.
d. a way of increasing the efficiency of ticket distribution.
10. Chapter 07 MC-75
Figure 7-1
Refer to Figure 7-1. When the price rises from P1 to P2, which of the following statements is not true?
a. Buyers place a higher value on the good after the price increase.
b. Consumer surplus in the market falls.
c. The buyers who still buy the good are worse off because they now pay more.
d. Some buyers leave the market because they are not willing to buy the good at the higher price.