NAME Oliva. Noem! Use the graph below to answer questions 6 and 7. Supply = MC PRINT LAST NAME, FIRST NAME Use Price $100 $50 Quantity 200 100 0. The minimum price this seller will accept for the 100th unit of output is: 6. Baby po $0. $50. $100. a. ъ. c. d. impossible to determine from the graph. when the price increases from $50 to $100. $2,500; $10,000 $2,500; $20,000 to 7. Producer surplus increases from C. d. $50; $100 d. b. $5,000; $10,000 The difference between the highest price a consumer will pay and the actual market price is called a seller will accept is called marginal benefit; marginal cost marginal cost; marginal benefit producer surplus; consumer surplus consumer surplus; producer surplus 8. ; the difference between the actual market price and the lowest price a. b. IAPICE -C. d. 9. If Betty is willing to pay $45 for a new purse but only has to pay $30 for the purse, Betty will enjoy consumer surplus if she purchases the purse. will experience a decline in consumer satisfaction if she purchases the cannot afford to purchase the purse. must have a demand curve that is horizontal at a price of $45. -a. b. C. d. purse. MB 10. Assuming demand is downward-sloping and everything else remains the same, an increase in the supply of a product leads to: an increase in consumer surplus. a decrease in consumer surplus. no change in consumer surplus. no change in producer surplus. 22 a. b. C. -d. insup msio despitool
NAME Oliva. Noem! Use the graph below to answer questions 6 and 7. Supply = MC PRINT LAST NAME, FIRST NAME Use Price $100 $50 Quantity 200 100 0. The minimum price this seller will accept for the 100th unit of output is: 6. Baby po $0. $50. $100. a. ъ. c. d. impossible to determine from the graph. when the price increases from $50 to $100. $2,500; $10,000 $2,500; $20,000 to 7. Producer surplus increases from C. d. $50; $100 d. b. $5,000; $10,000 The difference between the highest price a consumer will pay and the actual market price is called a seller will accept is called marginal benefit; marginal cost marginal cost; marginal benefit producer surplus; consumer surplus consumer surplus; producer surplus 8. ; the difference between the actual market price and the lowest price a. b. IAPICE -C. d. 9. If Betty is willing to pay $45 for a new purse but only has to pay $30 for the purse, Betty will enjoy consumer surplus if she purchases the purse. will experience a decline in consumer satisfaction if she purchases the cannot afford to purchase the purse. must have a demand curve that is horizontal at a price of $45. -a. b. C. d. purse. MB 10. Assuming demand is downward-sloping and everything else remains the same, an increase in the supply of a product leads to: an increase in consumer surplus. a decrease in consumer surplus. no change in consumer surplus. no change in producer surplus. 22 a. b. C. -d. insup msio despitool
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Question 10
Transcribed Image Text:NAME Oliva. Noem!
Use the graph below to answer questions 6 and 7.
Supply = MC
PRINT LAST NAME, FIRST NAME
Use
Price
$100
$50
Quantity
200
100
0.
The minimum price this seller will accept for the 100th unit of output is:
6.
Baby po
$0.
$50.
$100.
a.
ъ.
c.
d.
impossible to determine from the graph.
when the price increases from $50 to $100.
$2,500; $10,000
$2,500; $20,000
to
7.
Producer surplus increases from
C.
d.
$50; $100
d.
b.
$5,000; $10,000
The difference between the highest price a consumer will pay and the actual market price
is called
a seller will accept is called
marginal benefit; marginal cost
marginal cost; marginal benefit
producer surplus; consumer surplus
consumer surplus; producer surplus
8.
; the difference between the actual market price and the lowest price
a.
b.
IAPICE
-C.
d.
9.
If Betty is willing to pay $45 for a new purse but only has to pay $30 for the purse, Betty
will enjoy consumer surplus if she purchases the purse.
will experience a decline in consumer satisfaction if she purchases the
cannot afford to purchase the purse.
must have a demand curve that is horizontal at a price of $45.
-a.
b.
C.
d.
purse.
MB
10.
Assuming demand is downward-sloping and everything else remains the same, an
increase in the supply of a product leads to:
an increase in consumer surplus.
a decrease in consumer surplus.
no change in consumer surplus.
no change in producer surplus.
22
a.
b.
C.
-d.
insup msio
despitool
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