Exam 3: Demand and Supply

(Figure: Earned Consumer Surplus) Refer to the figure. Themarket price of the product is $20 per unit. Calculate the dollaramount of consumer surplus being earned in this market.Figure: Earned Consumer Surplus

(Multiple Choice)

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Question 61

Which of the following is TRUE about demand curves?

(Multiple Choice)

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Question 62

Figure: Producer Surplus (Figure: Producer Surplus) Refer to the figure. What is theproducer surplus at a price of $2 per unit?

(Multiple Choice)

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Question 63

Assume that spaghetti is an inferior good for most people. Astheir incomes increase, all other things held constant, the:

(Multiple Choice)

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Question 64

Firms are willing and able to sell 100 guitars per day at a priceof $250 per guitar. What price will firms require to sell 100guitars per day if there is a tax of $15 per guitar?

(Multiple Choice)

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Question 65

The quantity of cell phones that firms plan to sell this monthdepends on all of the following EXCEPT the:

(Multiple Choice)

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Question 66

Coke and Pepsi are substitute soft drinks. Which of thefollowing would cause the demand curve for Pepsi to shift to theleft?

(Multiple Choice)

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Question 67

(Multiple Choice)

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Question 68

The quantity of DVDs that people plan to buy this monthdepends on all of the following EXCEPT the:

(Multiple Choice)

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Question 69

Which of the following does NOT shift the demand curve?

(Multiple Choice)

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Question 70

When the price of oil used for generating electricity increases,the demand for nuclear power will increase.

(True/False)

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Question 71

(Table: Willingness to Sell) Refer to the table. Which country isearning the least amount of producer surplus at a market priceof $52 per barrel of oil?

(Multiple Choice)

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Question 72

As the population of elderly in the United States increases:

(Multiple Choice)

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Question 73

If the price of ski lift tickets increases, the demand for ski lifttickets will decrease.

(True/False)

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Question 74

(Figure: Willingness to Pay) Refer to the figure. What is themaximum amount that buyers are willing to buy at a price of$45 per book?

(Multiple Choice)

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Question 75

Which of the following choices contains only factors that causethe supply curve to shift to the right?

(Multiple Choice)

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Question 76

(Table: Sweetbrand) The table shows the maximum consumerwillingness to pay for "Sweetbrand" cheesecakes. Which of thefour consumers receives the smallest consumer surplus, if themarket price of the cheesecakes is $12.50 each?

(Multiple Choice)

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Question 77

If producers form expectations that copper prices will be higherin the future, then this will shift the:

(Multiple Choice)

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Question 78

Suppose that the market price for MP₃ players is $90 and MP₃players can be produced by firm X for $40 each. Producersurplus for this firm is $50 per MP₃ player.

(True/False)

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Question 79

Which of the following statements about consumer surplus isincorrect?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 97

(Figure: Earned Consumer Surplus) Refer to the figure. Themarket price of the product is $20 per unit. Calculate the dollaramount of consumer surplus being earned in this market.Figure: Earned Consumer Surplus

Which of the following is TRUE about demand curves?

Figure: Producer Surplus (Figure: Producer Surplus) Refer to the figure. What is theproducer surplus at a price of $2 per unit?

Assume that spaghetti is an inferior good for most people. Astheir incomes increase, all other things held constant, the:

Firms are willing and able to sell 100 guitars per day at a priceof $250 per guitar. What price will firms require to sell 100guitars per day if there is a tax of $15 per guitar?

The quantity of cell phones that firms plan to sell this monthdepends on all of the following EXCEPT the:

Coke and Pepsi are substitute soft drinks. Which of thefollowing would cause the demand curve for Pepsi to shift to theleft?

The quantity of DVDs that people plan to buy this monthdepends on all of the following EXCEPT the:

Which of the following does NOT shift the demand curve?

When the price of oil used for generating electricity increases,the demand for nuclear power will increase.

(Table: Willingness to Sell) Refer to the table. Which country isearning the least amount of producer surplus at a market priceof $52 per barrel of oil?

As the population of elderly in the United States increases:

If the price of ski lift tickets increases, the demand for ski lifttickets will decrease.

(Figure: Willingness to Pay) Refer to the figure. What is themaximum amount that buyers are willing to buy at a price of$45 per book?

Which of the following choices contains only factors that causethe supply curve to shift to the right?

(Table: Sweetbrand) The table shows the maximum consumerwillingness to pay for "Sweetbrand" cheesecakes. Which of thefour consumers receives the smallest consumer surplus, if themarket price of the cheesecakes is $12.50 each?

If producers form expectations that copper prices will be higherin the future, then this will shift the:

Suppose that the market price for MP₃ players is $90 and MP₃players can be produced by firm X for $40 each. Producersurplus for this firm is $50 per MP₃ player.

Which of the following statements about consumer surplus isincorrect?

Welcome to Economics

Choice in a World of Scarcity

Labor and Financial Markets

Elasticity

Consumer Choices

Production, Costs, and Industry Structure

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Monopoly and Antitrust Policy

Environmental Protection and Negative Externalities

Positive Externalities and Public Goods

Labor Markets and Income

Poverty and Economic Inequality

Information, Risk, and Insurance

Financial Markets

Public Economy

International Trade

Globalization and Protectionism

Consumer Utility and Optimization

Filters

Exam 3: Demand and Supply

(Figure: Earned Consumer Surplus) Refer to the figure. Themarket price of the product is $20 per unit. Calculate the dollaramount of consumer surplus being earned in this market.Figure: Earned Consumer Surplus

Which of the following is TRUE about demand curves?

Figure: Producer Surplus (Figure: Producer Surplus) Refer to the figure. What is theproducer surplus at a price of $2 per unit?

Assume that spaghetti is an inferior good for most people. Astheir incomes increase, all other things held constant, the:

Firms are willing and able to sell 100 guitars per day at a priceof $250 per guitar. What price will firms require to sell 100guitars per day if there is a tax of $15 per guitar?

The quantity of cell phones that firms plan to sell this monthdepends on all of the following EXCEPT the:

Coke and Pepsi are substitute soft drinks. Which of thefollowing would cause the demand curve for Pepsi to shift to theleft?

The quantity of DVDs that people plan to buy this monthdepends on all of the following EXCEPT the:

Which of the following does NOT shift the demand curve?

When the price of oil used for generating electricity increases,the demand for nuclear power will increase.

(Table: Willingness to Sell) Refer to the table. Which country isearning the least amount of producer surplus at a market priceof $52 per barrel of oil?

As the population of elderly in the United States increases:

If the price of ski lift tickets increases, the demand for ski lifttickets will decrease.

(Figure: Willingness to Pay) Refer to the figure. What is themaximum amount that buyers are willing to buy at a price of$45 per book?

Which of the following choices contains only factors that causethe supply curve to shift to the right?

(Table: Sweetbrand) The table shows the maximum consumerwillingness to pay for "Sweetbrand" cheesecakes. Which of thefour consumers receives the smallest consumer surplus, if themarket price of the cheesecakes is $12.50 each?

If producers form expectations that copper prices will be higherin the future, then this will shift the:

Suppose that the market price for MP3 players is $90 and MP3players can be produced by firm X for $40 each. Producersurplus for this firm is $50 per MP3 player.

Which of the following statements about consumer surplus isincorrect?

Welcome to Economics

Choice in a World of Scarcity

Labor and Financial Markets

Elasticity

Consumer Choices

Production, Costs, and Industry Structure

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

Monopoly and Antitrust Policy

Environmental Protection and Negative Externalities

Positive Externalities and Public Goods

Labor Markets and Income

Poverty and Economic Inequality

Information, Risk, and Insurance

Financial Markets

Public Economy

International Trade

Globalization and Protectionism

Consumer Utility and Optimization

Filters

Suppose that the market price for MP₃ players is $90 and MP₃players can be produced by firm X for $40 each. Producersurplus for this firm is $50 per MP₃ player.