SECTION# NAME and product price and producer PRINT LAST NAME, FIRST NAME Consumer surplus is the difference between surplus is the difference between marginal benefit; marginal cost marginal cost; marginal benefit total benefit; total cost total cost; total benefit 7. and product price. quar fror a. b. C. Pr d. Buyers gain consumer surplus when the market price is: greater than the highest price buyers are willing to pay. less than the highest price buyers are willing to pay. just equal to the highest price buyers are willing to pay. determined by a price floor rather than market forces. 8. a. ь. C. d. Which of the following statements best illustrates the concept of producer surplus? Rose's Flower Shop is forced to sell surplus tulips at a price that is below cost because inventories are too high. A new client agrees to pay $50 a week for cleaning provided by Alice's Cleaning Service, although the business would be willing to accept $25 to perform these services. a. b. Steve found a scalper willing to sell him concert tickets for less than their original price. Maria refuses to work overtime despite being offered twice her regular wage rate because she cannot make arrangements for child care. C. d. Assuming supply is upward-sloping and everything else remains the same, an increase in the demand for a product leads to: an increase in producer surplus. a decrease in producer surplus. no change in producer surplus. no change in consumer surplus. a. b. C. d. 9.
SECTION# NAME and product price and producer PRINT LAST NAME, FIRST NAME Consumer surplus is the difference between surplus is the difference between marginal benefit; marginal cost marginal cost; marginal benefit total benefit; total cost total cost; total benefit 7. and product price. quar fror a. b. C. Pr d. Buyers gain consumer surplus when the market price is: greater than the highest price buyers are willing to pay. less than the highest price buyers are willing to pay. just equal to the highest price buyers are willing to pay. determined by a price floor rather than market forces. 8. a. ь. C. d. Which of the following statements best illustrates the concept of producer surplus? Rose's Flower Shop is forced to sell surplus tulips at a price that is below cost because inventories are too high. A new client agrees to pay $50 a week for cleaning provided by Alice's Cleaning Service, although the business would be willing to accept $25 to perform these services. a. b. Steve found a scalper willing to sell him concert tickets for less than their original price. Maria refuses to work overtime despite being offered twice her regular wage rate because she cannot make arrangements for child care. C. d. Assuming supply is upward-sloping and everything else remains the same, an increase in the demand for a product leads to: an increase in producer surplus. a decrease in producer surplus. no change in producer surplus. no change in consumer surplus. a. b. C. d. 9.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 9
Transcribed Image Text:SECTION#
NAME
and product price and producer
PRINT LAST NAME, FIRST NAME
Consumer surplus is the difference between
surplus is the difference between
marginal benefit; marginal cost
marginal cost; marginal benefit
total benefit; total cost
total cost; total benefit
7.
and product price.
quar
fror
a.
b.
C.
Pr
d.
Buyers gain consumer surplus when the market price is:
greater than the highest price buyers are willing to pay.
less than the highest price buyers are willing to pay.
just equal to the highest price buyers are willing to pay.
determined by a price floor rather than market forces.
8.
a.
ь.
C.
d.
Which of the following statements best illustrates the concept of producer surplus?
Rose's Flower Shop is forced to sell surplus tulips at a price that is below cost
because inventories are too high.
A new client agrees to pay $50 a week for cleaning provided by Alice's Cleaning
Service, although the business would be willing to accept $25 to perform these
services.
a.
b.
Steve found a scalper willing to sell him concert tickets for less than their
original price.
Maria refuses to work overtime despite being offered twice her regular wage
rate because she cannot make arrangements for child care.
C.
d.
Assuming supply is upward-sloping and everything else remains the same, an increase in
the demand for a product leads to:
an increase in producer surplus.
a decrease in producer surplus.
no change in producer surplus.
no change in consumer surplus.
a.
b.
C.
d.
9.
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