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

Refer to Table 7-14. If Abbey, Bev, and Carl sell the good, and the resulting producer surplus is $55 altogether, then the price must have been

When the supply of a good decreases and the demand for the good remains unchanged, consumer surplus

Table 7-11 The following table represents the costs of five possible sellers. -Refer to Table 7-11. Suppose each of the five sellers can supply at most one unit of the good. The market quantity supplied is exactly 2 if the price is

Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000. Michael's consumer surplus is

Figure 7-15 -Refer to Figure 7-15. Area B represents

Donald produces nails at a cost of $200 per ton. If he sells the nails for $350 per ton, his producer surplus per ton is

Figure 7-5 -Refer to Figure 7-5. If the price of the good is $12, then consumer surplus is

Figure 7-3 -Refer to Figure 7-3. Area C represents the

Figure 7-26 -Refer to Figure 7-26. At the equilibrium price, total surplus is

Jeff decides that he would pay as much as $2,000 for a new laptop computer. He buys the computer and realizes a consumer surplus of $300. How much did Jeff pay for his computer?

Figure 7-31 -Refer to Figure 7-31. If the market equilibrium price rises from $25 to $35, how much is the increase in producer surplus to the producers supplying units at the initial $25 price?

Let P represent price; let QS represent quantity supplied; and assume the equation of the supply curve is If 80 units of the good are produced and sold, then producer surplus amounts to $1,200.

Producer surplus is the cost of production minus the amount a seller is paid.

Table 7-10 The only four consumers in a market have the following willingness to pay for a good: Buyer Willingness to Pay -Refer to Table 7-10. If there is only one unit of the good available for purchase, and if the buyers bid against each other for the right to purchase it, then the consumer surplus will be

Figure 7-1 -Refer to Figure 7-1. If the price of the good is $200, then

Donald produces nails at a cost of $350 per ton. If he sells the nails for $500 per ton, his producer surplus is

At the equilibrium price of a good, the good will be purchased by those buyers who

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

Table 7-17 -Refer to Table 7-17. At a price of $2.00, total surplus is

Refer to Figure 7-9. If producer surplus is $19, then the price of the good is