Exam 7: Consumers, Producers, and the Efficiency of Markets.

Table 7-6 -Refer to Table 7-6.You have four essentially identical extra tickets to the Midwest Regional Sweet 16 game in the men's NCAA basketball tournament.The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game.You offer to sell the tickets for $400.How many tickets do you sell,and what is the total consumer surplus in the market?

Table 7-1 -Refer to Table 7-1.If the price of the product is $22,then who would be willing to purchase the product?

Figure 7-19 -Refer to Figure 7-19.At equilibrium,total surplus is represented by the area

Alex is willing to pay $10,and Bella is willing to pay $8,for 1 pound of ribeye steak.When the price of ribeye steak increases from $9 to $11,

If Darby values a soccer ball at $50,and she pays $40 for it,her consumer surplus is $10.

Billie Jo values a stainless steel dishwasher for her new house at $500,but she succeeds in buying one for $425.Billie Jo's willingness to pay for the dishwasher is

Suppose the demand for peanuts increases.What will happen to producer surplus in the market for peanuts?

The area below the price and above the supply curve measures the producer surplus in a market.

If the government allowed a free market for transplant organs such as kidneys to exist,the

In a competitive market,sales go to those producers who are willing to supply the product at the lowest price.

If the government allowed a free market in organs for transplant there would be

According to many economists,government restrictions on ticket scalping do all of the following except

Market failure is the inability of

Figure 7-4 -Refer to Figure 7-4.If the price of the good is $6,then consumer surplus is

Table 7-8 The only four producers in a market have the following costs: -Refer to Table 7-8.If Evan,Selena,and Angie sell the good,and the resulting producer surplus is $300,then the price must have been

Kristi and Rebecca sell lemonade on the corner.It costs them 9 cents to make each cup.On a certain day,they sell 40 cups,and their producer surplus for that day amounts to $12.40.Kristi and Rebecca sold each cup for

Total surplus in a market can be measured as the area below the supply curve plus the area above the demand curve,up to the point of equilibrium.

Figure 7-18 -Refer to Figure 7-18.If 40 units of the good are being bought and sold,then

Figure 7-17 -Refer to Figure 7-17.Which area represents total surplus in the market when the price is P1?

Figure 7-18 -Refer to Figure 7-18.If the price decreases from $22 to $16 due to a shift in the supply curve,consumer surplus increases by