SECTION#_\\0 NAM NAME_O\iva. Noemi PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 and 7. Supply = MC Us %3D Price $100 BLoquceL encbiR cinA coumure anbpre.cm $50 100 200 Quantity 6. The minimum price this seller will accept for the 100th unit of output is: $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 7. Producer surplus increases from d. b. to $50; $100 $5,000; $10,000 C. d. 8. 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 ; the difference between the actual market price and the lowest price a. 1o tbiriW IannoM wwobsdf b. C. d. 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 purse. cannot afford to purchase the purse. must have a demand curve that is horizontal at a price of $45. 9. a. b. C. d. 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. 10. a. b. C. d.
SECTION#_\\0 NAM NAME_O\iva. Noemi PRINT LAST NAME, FIRST NAME Use the graph below to answer questions 6 and 7. Supply = MC Us %3D Price $100 BLoquceL encbiR cinA coumure anbpre.cm $50 100 200 Quantity 6. The minimum price this seller will accept for the 100th unit of output is: $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 7. Producer surplus increases from d. b. to $50; $100 $5,000; $10,000 C. d. 8. 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 ; the difference between the actual market price and the lowest price a. 1o tbiriW IannoM wwobsdf b. C. d. 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 purse. cannot afford to purchase the purse. must have a demand curve that is horizontal at a price of $45. 9. a. b. C. d. 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. 10. a. b. C. d.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 8
Transcribed Image Text:SECTION#_\\0
NAM
NAME_O\iva. Noemi
PRINT LAST NAME, FIRST NAME
Use the graph below to answer questions 6 and 7.
Supply = MC
Us
%3D
Price
$100
BLoquceL encbiR cinA
coumure anbpre.cm
$50
100
200
Quantity
6.
The minimum price this seller will accept for the 100th unit of output is:
$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
7.
Producer surplus increases from
d.
b.
to
$50; $100
$5,000; $10,000
C.
d.
8.
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
; the difference between the actual market price and the lowest price
a.
1o tbiriW
IannoM
wwobsdf
b.
C.
d.
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 purse.
cannot afford to purchase the purse.
must have a demand curve that is horizontal at a price of $45.
9.
a.
b.
C.
d.
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.
10.
a.
b.
C.
d.
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