Economics Chapter 4 Multiple Choice Equilibrium The Market For Peanut

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87. Multiple Choice: Reference: Ref 4-14 (Table: Producer...

Question

Reference: Ref 4-14

(Table: Producer Surplus) Look at the table Producer Surplus. If the price of a

ticket to see The Nutty Nutcracker is $50 and there is no other market for tickets,

then total producer surplus for the five students is:

Answer $50.

88. Multiple Choice: Reference: Ref 4-14 (Table: Producer...

Question

Points: 0

Reference: Ref 4-14

(Table: Producer Surplus) Look at the table Producer Surplus. If the price of a

ticket to see The Nutty Nutcracker is $75 and there is no other market for tickets,

the total producer surplus for the five students is:

Answer $190.

89. Multiple Choice: Reference: Ref 4-14 (Table: Producer...

Question

Reference: Ref 4-14

(Table: Producer Surplus) Look at the table Producer Surplus. If the tickets to The

Nutty Nutcracker are free and there is no other market for tickets, the total

producer surplus for the five students is:

Answer $276.

Points: 0

90. Multiple Choice: We can measure total producer surplus...

Question We can measure total producer surplus for good X as:

91. Multiple Choice: Figure: Monthly Supply of Bread Refer…

Question Figure: Monthly Supply of Bread

Reference: Ref 4-15

(Figure: Monthly Supply of Bread) Look at the figure Monthly Supply of Bread. The

graph represents the monthly supply of bread at a local bakery. At the current price

of $3 per loaf of bread, the bakery produces 120 loaves of bread per month. The

producer surplus received by this bakery is equal to:

Answer $120.

92. Multiple Choice: Producer surplus for an individual se…

Points: 0

Question Producer surplus for an individual seller is equal to:

93. Multiple Choice: Maria wants to get rid of her bookshe…

Question Maria wants to get rid of her bookshelf. She is willing to give it away for free but her

neighbor offers to pay $30 for it. Maria experiences a:

Answer consumer surplus gain.

94. Multiple Choice: Producer surplus is represented by th...

Question Producer surplus is represented by the area ________ the supply curve and

________ the price.

Answer above; above

95. Multiple Choice: Mountain River Adventures offers whit...

Question Mountain River Adventures offers whitewater rafting trips down the Colorado River. It

costs the firm $100 for the first raft trip per day, $120 for the second, $140 for the

third, and $160 for the fourth. If the market price for a raft trip is $150, Mountain

River Adventures will offer ________ trips per day and will have producer surplus

equal to ________.

Points: 0

96. Multiple Choice: Luis is willing to sell his pool tabl...

Question Luis is willing to sell his pool table for $600, but if he gets $840, the producer

surplus Luis receives is ________.

Answer $600

97. Multiple Choice: Figure: Gain in Producer Surplus Refe…

Question Figure: Gain in Producer Surplus

Reference: Ref 4-16

(Figure: Gain in Producer Surplus) Look at the figure Gain in Producer Surplus.

Which of the following area or areas represent producer surplus when the price is

equal to P2?

Points: 0

98. Multiple Choice: Figure: Producer Surplus and Supply R…

Question Figure: Producer Surplus and Supply

Reference: Ref 4-17

(Figure: Producer Surplus and Supply) Look at the figure Producer Surplus and

Supply. The difference between the total revenue received by sellers and their total

cost is called ________ surplus, which is depicted by which area if the amount

sold is E?

Answer consumer; ABD

99. Multiple Choice: Mountain River Adventures offers whit...

Question Mountain River Adventures offers whitewater rafting trips down the Colorado River. It

costs the firm $100 for the first raft trip per day, $120 for the second, $140 for the

third, and $160 for the fourth. If the market price for a raft trip was $120 but has now

increased to $150, the gain in producer surplus is equal to:

Answer $20.

100. Multiple Choice: The number of seats in a football sta…

Question

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The number of seats in a football stadium is fixed at 70,000. The team raises the

price of a ticket from $30, where 70,000 are sold, to $40, and it sells 60,000

tickets. The price change caused a change in the consumer surplus of ________.

Answer –$10.

101. Multiple Choice: Along a given supply curve, an increa...

Question Along a given supply curve, an increase in the price of a good will:

102. Multiple Choice: Which of the following is true if the…

Question Which of the following is true if there is a decrease in the demand for cupcakes?

Answer There is an increase in producer surplus.

103. Multiple Choice: Along the supply curve for brownies, ...

Question Along the supply curve for brownies, a decrease in the price of brownies will:

Answer increase producer surplus.

Points: 0

104. Multiple Choice: Peanut butter and jelly are complemen...

Question Peanut butter and jelly are complements. If there is a decrease in the price of jelly,

producer surplus in the peanut butter market:

105. Multiple Choice: Equilibrium in the market for peanut ...

Question Equilibrium in the market for peanut butter is disturbed by an increase in the price

of peanuts. Producer surplus in the peanut butter market:

Answer will increase.

106. Multiple Choice: Which of the following is true if the…

Question Which of the following is true if there is a decrease in the demand for ice cream?

Answer There is an increase in producer surplus.

107. Multiple Choice: When there is a new medical report ex...

Question When there is a new medical report extolling the health advantages of grapefruit,

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will remain the same.

may change, but we can‘t tell how.

108. Multiple Choice: Along a given supply curve, a decreas...

Question Along a given supply curve, a decrease in the price of a good will:

Answer increase producer surplus.

109. Multiple Choice: If the price of a good rises, then pr…

Question If the price of a good rises, then producer surplus:

110. Multiple Choice: Along a given supply curve, a decreas...

Question Along a given supply curve, a decrease in price will cause producer surplus to:

Answer increase.

111. Multiple Choice: If the cost to download a song from t...

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Question If the cost to download a song from the Internet falls from $0.99 to $0.50, then we

would predict that producer surplus would ________ in the market for MP3 players.

112. Multiple Choice: Figure: Market for Hamburgers Referen…

Question Figure: Market for Hamburgers

Reference: Ref 4-18

(Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.

The figure shows the weekly market for hamburgers in Irvine, Kentucky. If the price

of a hamburger is $1.00 and 200 hamburgers are supplied, producer surplus will

equal:

Answer $60.

Points: 0

113. Multiple Choice: Figure: Market for Hamburgers Referen…

Question Figure: Market for Hamburgers

Reference: Ref 4-18

(Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.

The figure shows the weekly market for hamburgers in Irvine, Kentucky. If 400

hamburgers are sold, producer surplus will equal:

Answer $650.

114. Multiple Choice: Figure: Market for Hamburgers Referen…

Question

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Figure: Market for Hamburgers

Reference: Ref 4-18

(Figure: The Market for Hamburgers) Look at the figure The Market for Hamburgers.

The figure shows the weekly market for hamburgers in Irvine, Kentucky. If the price

of burgers falls from $1.50 to $1.00, there is a loss in producer surplus. How much

of the loss accrues because of the change in the quantity supplied?

115. Multiple Choice: Figure: Producer Surplus Reference: R…

Question

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Figure: Producer Surplus

Reference: Ref 4-19

(Figure: Producer Surplus) Look at the figure Producer Surplus. When the price

falls from $45 to $35, producer surplus ________ for a total producer surplus of

________.

Answer increases by $10; $140

116. Multiple Choice: Figure: Producer Surplus Reference: R…

Question

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Figure: Producer Surplus

Reference: Ref 4-19

(Figure: Producer Surplus) Look at the figure Producer Surplus. When the price

rises from $25 to $35, producer surplus ________ for a total producer surplus of

________.

Answer increases by $10; $30

117. Multiple Choice: Figure: Producer Surplus Reference: R…

Question

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Figure: Producer Surplus

Reference: Ref 4-19

(Figure: Producer Surplus) Look at the figure Producer Surplus. Total producer

surplus is ________ when the price is $40.

Answer $40

118. Multiple Choice: Figure: Producer Surplus II Reference…

Question

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Figure: Producer Surplus II

Reference: Ref 4-20

(Figure: Producer Surplus II) Look at the figure Producer Surplus II. At a price of

P1, producer surplus equals the area:

Answer LMK.

119. Multiple Choice: Figure: Producer Surplus II Reference…

Question Figure: Producer Surplus II

Reference: Ref 4-20

(Figure: Producer Surplus II) Look at the figure Producer Surplus II. At a price of

P2, producer surplus equals the area:

Answer LMK.

Points: 0

120. Multiple Choice: Figure: Producer Surplus II Reference…

Question Figure: Producer Surplus II

Reference: Ref 4-20

(Figure: Producer Surplus II) Look at the figure Producer Surplus II. If the price falls

from P2 to P1, producer surplus decreases by the area:

Answer LMK.

121. Multiple Choice: Figure: Producer Surplus II Reference…

Question

Points: 0

Figure: Producer Surplus II

Reference: Ref 4-20

(Figure: Producer Surplus II) Look at the figure Producer Surplus II. If the price rises

from P1 to P2, producer surplus increases by the area:

Answer LMK.

122. Multiple Choice: Figure: Producer Surplus III Referenc…

Question Figure: Producer Surplus III

Reference: Ref 4-21

(Figure: Producer Surplus III) Look at the figure Producer Surplus III. If the price of

the good is $2, producer surplus will equal:

Points: 0

$80.

123. Multiple Choice: Figure: Producer Surplus III Referenc…

Question Figure: Producer Surplus III

Reference: Ref 4-21

(Figure: Producer Surplus III) Look at the figure Producer Surplus III. If the price of

the good is $4, producer surplus will equal:

Answer $20.

124. Multiple Choice: Figure: Producer Surplus III Referenc…

Question

Points: 0

Figure: Producer Surplus III

Reference: Ref 4-21

(Figure: Producer Surplus III) Look at the figure Producer Surplus III. If the price of

the good increases from $3 to $4, producer surplus will increase by:

Answer $5.

125. Multiple Choice: Figure: Producer Surplus III Referenc…

Question

Points: 0