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Consumers, Producers, and Market Efficiency 10 questions

Hello. Need 10 questions answered for my economics class on consumers, producters, and market efficiency. There are 10 questions and are attached in the pictures below. Thanks.

NAME
PRINT LAST NAME, FIRST NAME
SECTION#
CONSUMERS, PRODUCERS, AND MARKET EFFICIENCY
Use the graph below to answer questions 1 through 6.
Price ($)
20
Supply
15
10
1
7.50
5
Demand
80 Quantity
20
40
60
0
1.
The marginal benefit of the 20th unit is
$7.50; $15
b. $10; $10
and the marginal cost of the 20th unit is
$15; $7.50
d. $5; $5
C.
a.
2.
The marginal benefit of the 40th unit is
$7.50; $15
b. $10; $10
and the marginal cost of the 40th unit is
$15; $7.50
d. $5; $5
C.
a.
units and
3.
If the price of this product is $10 per unit, consumers will purchase
consumer surplus will equal $
20; 50 b. 20; 200
40; 50 d.
c.
40; 200
a.
units and producer surplus
4 If the price of this product is $10 per unit, firms will sell
will equal $
20; 25 b.
d.
40; 100
40; 25
a.
20; 100
c.
5.
The efficient level of output is
units because marginal benefit (MB) equals
at this output level and the sum of consumer and producer surplus is
40; 40; 0
40; MC; maximized
b.
20; MC; O
d. 20; 40; maximized
a.
c.
6.
If the quantity exchanged in this market is limited to 20 units, the resulting deadweight
loss is equal to:
d.
a.
$150.
$50.
$100.
b. $75.
C.
Chapter 6 Assignments
127
SECTION#
and product price and producer
NAME
PRINT LAST NAME, FIRST NAME
7.
Consumer surplus is the difference between
surplus is the difference between
and product price.
marginal benefit; marginal cost
marginal cost; marginal benefit
total benefit; total cost
total cost; total benefit
a.
b.
c.
d.
8.
a.
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.
b.
C.
d.
9.
a.
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.
b. 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 $25 to perform these
services.
Steve found a scalper willing to sell him concert tickets for less than their
original price.
d. Maria refuses to work overtime despite being offered twice her regular wage
rate because she cannot make arrangements for child care.
C.
10.
a.
Assuming supply is upward-sloping and everything else remains the same, an increase in
the demand for a product leads to:
an increase in producer surplus.
b.
a decrease in producer surplus.
no change in producer surplus.
d.
no change in consumer surplus.
C.
NAME
PRINT LAST NAME, FIRST NAME
SECTION#
CONSUMERS, PRODUCERS, AND MARKET EFFICIENCY
Use the graph below to answer questions 1 through 6.
Price ($)
20
Supply
15
10
1
7.50
5
Demand
80 Quantity
20
40
60
0
1.
The marginal benefit of the 20th unit is
$7.50; $15
b. $10; $10
and the marginal cost of the 20th unit is
$15; $7.50
d. $5; $5
C.
a.
2.
The marginal benefit of the 40th unit is
$7.50; $15
b. $10; $10
and the marginal cost of the 40th unit is
$15; $7.50
d. $5; $5
C.
a.
units and
3.
If the price of this product is $10 per unit, consumers will purchase
consumer surplus will equal $
20; 50 b. 20; 200
40; 50 d.
c.
40; 200
a.
units and producer surplus
4 If the price of this product is $10 per unit, firms will sell
will equal $
20; 25 b.
d.
40; 100
40; 25
a.
20; 100
c.
5.
The efficient level of output is
units because marginal benefit (MB) equals
at this output level and the sum of consumer and producer surplus is
40; 40; 0
40; MC; maximized
b.
20; MC; O
d. 20; 40; maximized
a.
c.
6.
If the quantity exchanged in this market is limited to 20 units, the resulting deadweight
loss is equal to:
d.
a.
$150.
$50.
$100.
b. $75.
C.
Chapter 6 Assignments
127
SECTION#
and product price and producer
NAME
PRINT LAST NAME, FIRST NAME
7.
Consumer surplus is the difference between
surplus is the difference between
and product price.
marginal benefit; marginal cost
marginal cost; marginal benefit
total benefit; total cost
total cost; total benefit
a.
b.
c.
d.
8.
a.
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.
b.
C.
d.
9.
a.
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.
b. 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.
Steve found a scalper willing to sell him concert tickets for less than their
original price.
d. Maria refuses to work overtime despite being offered twice her regular wage
rate because she cannot make arrangements for child care.
C.
10.
a.
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.
b.
a decrease in producer surplus.
no change in producer surplus.
d.
no change in consumer surplus.
C.

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