Multiple Choice
Suppose the market demand curve for a good passes through the point (quantity demanded = 100, price = $25) . If there are five buyers in the market, then
A) the marginal buyer's willingness to pay for the 100th unit of the good is $25.
B) the sum of the five buyers' willingness to pay for the 100th unit of the good is $25.
C) the average of the five buyers' willingness to pay for the 100th unit of the good is $25.
D) all of the five buyers are willing to pay at least $25 for the 100th unit of the good.
Correct Answer:

Verified
Correct Answer:
Verified
Q59: Steak and chicken are substitutes. A sharp
Q60: Producer surplus directly measures<br>A)the well-being of society
Q61: Denis buys strawberries, and he would be
Q62: Table 7-4<br>For each of the three
Q63: Figure 7-9<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7555/.jpg" alt="Figure 7-9
Q65: Figure 7-5<br> <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB7555/.jpg" alt="Figure 7-5
Q66: Consumer surplus can be measured as the
Q67: Each seller of a product is willing
Q68: Suppose there is an increase in supply
Q69: Consumer surplus is the amount a buyer