NAME cemi 1100 PRINT LAST NAME, FIRST NAME SECTION# CONSUMERS, PRODUCERS, AND MARKET EFFICIENCY A marginal cost curve can be interpreted as a: supply curve. demand curve. 1. a. b. producer surplus curve. consumer surplus curve. c. d. A marginal benefit curve can be interpreted as a: supply curve. demand curve. 2. a. ъ. producer surplus curve. consumer surplus curve. C. d. Her o Use the graph below to answer questions 3 and 4. Price ($) 300 200 100 Demand MB 10 20 30 Quantity Which of the following statements is false regarding the above demand curve? Marginal benefit falls as quantity increases. The downward-sloping demand function reflects the law of demand. Consumer surplus increases when the market price of this product increases. When the market price of this product is $200, quantity demanded equals 10 units and consumer surplus is equal to $500. 3. a. b. c. d. The marginal benefit of the 10th unit is and the marginal benefit of the 20th unit is 4. $300; $200 $200; $100 $200; $0 $100; $0 C. a. b. d. When exchange in a market occurs such that the marginal benefit of the last unit bought and sold is just equal to the marginal cost of the last unit bought and sold, the quantity bought and sold in the market is: less than the efficient quantity. greater than the efficient quantity. equal to the efficient quantity. inefficient. 5. a. b. C. d. 125 Chapter 6 Assignments
NAME cemi 1100 PRINT LAST NAME, FIRST NAME SECTION# CONSUMERS, PRODUCERS, AND MARKET EFFICIENCY A marginal cost curve can be interpreted as a: supply curve. demand curve. 1. a. b. producer surplus curve. consumer surplus curve. c. d. A marginal benefit curve can be interpreted as a: supply curve. demand curve. 2. a. ъ. producer surplus curve. consumer surplus curve. C. d. Her o Use the graph below to answer questions 3 and 4. Price ($) 300 200 100 Demand MB 10 20 30 Quantity Which of the following statements is false regarding the above demand curve? Marginal benefit falls as quantity increases. The downward-sloping demand function reflects the law of demand. Consumer surplus increases when the market price of this product increases. When the market price of this product is $200, quantity demanded equals 10 units and consumer surplus is equal to $500. 3. a. b. c. d. The marginal benefit of the 10th unit is and the marginal benefit of the 20th unit is 4. $300; $200 $200; $100 $200; $0 $100; $0 C. a. b. d. When exchange in a market occurs such that the marginal benefit of the last unit bought and sold is just equal to the marginal cost of the last unit bought and sold, the quantity bought and sold in the market is: less than the efficient quantity. greater than the efficient quantity. equal to the efficient quantity. inefficient. 5. a. b. C. d. 125 Chapter 6 Assignments
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
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Question 5
Transcribed Image Text:NAME
cemi
1100
PRINT LAST NAME, FIRST NAME
SECTION#
CONSUMERS, PRODUCERS, AND MARKET EFFICIENCY
A marginal cost curve can be interpreted as a:
supply curve.
demand curve.
1.
a.
b.
producer surplus curve.
consumer surplus curve.
c.
d.
A marginal benefit curve can be interpreted as a:
supply curve.
demand curve.
2.
a.
ъ.
producer surplus curve.
consumer surplus curve.
C.
d.
Her o
Use the graph below to answer questions 3 and 4.
Price ($)
300
200
100
Demand MB
10
20
30 Quantity
Which of the following statements is false regarding the above demand curve?
Marginal benefit falls as quantity increases.
The downward-sloping demand function reflects the law of demand.
Consumer surplus increases when the market price of this product increases.
When the market price of this product is $200, quantity demanded equals 10 units
and consumer surplus is equal to $500.
3.
a.
b.
c.
d.
The marginal benefit of the 10th unit is
and the marginal benefit of the 20th unit is
4.
$300; $200
$200; $100
$200; $0
$100; $0
C.
a.
b.
d.
When exchange in a market occurs such that the marginal benefit of the last unit bought
and sold is just equal to the marginal cost of the last unit bought and sold, the quantity
bought and sold in the market is:
less than the efficient quantity.
greater than the efficient quantity.
equal to the efficient quantity.
inefficient.
5.
a.
b.
C.
d.
125
Chapter 6 Assignments
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