Table 7-7 The following table represents the costs of five possible sellers. \[\begin{array} { | l | l | } \hline \text { Seller } & \text { Cost } \\ \hline \text { Abby } & \$ 1,500 \\ \hline \text { Babby } & \$ 1,200 \\ \hline \text { Carlos } & \$ 1,000 \\ \hline \text { Dianne } & \$ 750 \\ \hline \text { Evalina } & \$ 500 \\ \hline \end{array}\] -Refer to Table 7-7. If the price is $1,000,

A) Bobby is an eager supplier. B) Dianne is an eager supplier. C) Abby's producer surplus is $500. D) All of the above are correct. A) Bobby is an eager supplier. B) Dianne is an eager supplier. C) Abby's producer surplus is $500. D) All of the above are correct.

Table 7-5 For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Alex, Barb, and Carlos are the only three buyers of oranges, and only three oranges can be supplied per day. \[\begin{array} { | l | c | c | c | } \hline & \text { First Orangp } & \text { Second Orange } & \text { Third Orange } \\ \hline \text { Alliton } & \$ 2.00 & \$ 1.50 & \$ 0.75 \\ \hline \text { Bob } & \$ 1.50 & \$ 1.00 & \$ 0.80 \\ \hline \text { Chariste } & \$ 0.75 & \$ 0.25 & \$ 0 \\ \hline \end{array}\] -Refer to Table 7-5. The market quantity of oranges demanded per day is exactly 5 if the price of an orange, P, satisfies

A) $1.00 < P < $1.50. B) $0.80 < P < $1.50. C) $0.80 < P < $1.00. D) $0.75 < P < $0.80. A) $1.00 < P < $1.50. B) $0.80 < P < $1.50. C) $0.80 < P < $1.00. D) $0.75 < P < $0.80.

A) represented on a graph by the area below the demand curve and above the supply curve. B) the amount a seller is paid minus the cost of production. C) also referred to as excess supply. D) All of the above are correct. A) represented on a graph by the area below the demand curve and above the supply curve. B) the amount a seller is paid minus the cost of production. C) also referred to as excess supply. D) All of the above are correct.

A) equal to producer surplus plus consumer surplus. B) equal to the total cost to sellers minus the total value to buyers. C) equal to consumers' willingness to pay plus producers' cost. D) greater than the sum of consumer surplus plus producer surplus. A) equal to producer surplus plus consumer surplus. B) equal to the total cost to sellers minus the total value to buyers. C) equal to consumers' willingness to pay plus producers' cost. D) greater than the sum of consumer surplus plus producer surplus.

A) is closely related to the supply curve for a product. B) is represented by a rectangle on a supply-demand graph when the demand curve is a straight, downward-sloping line. C) is measured using the demand curve for a product. D) does not reflect economic well-being in most markets. A) is closely related to the supply curve for a product. B) is represented by a rectangle on a supply-demand graph when the demand curve is a straight, downward-sloping line. C) is measured using the demand curve for a product. D) does not reflect economic well-being in most markets.

A) is the amount of a good that a consumer can buy at a price below equilibrium price. B) is the amount a consumer is willing to pay minus the amount the consumer actually pays. C) is the number of consumers who are excluded from a market because of scarcity. D) measures how much a seller values a good. A) is the amount of a good that a consumer can buy at a price below equilibrium price. B) is the amount a consumer is willing to pay minus the amount the consumer actually pays. C) is the number of consumers who are excluded from a market because of scarcity. D) measures how much a seller values a good.