Question : 71) Refer to Table 4-4. The table above lists the : 1245116

 

 

71) Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $95 dollars, total consumer surplus will be

A) $0

B) $35.

C) $80.

D) $95.

 

72) Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of the champagne falls from $24 to $14

A) consumer surplus increases from $32 to $53.

B) Curly will buy four bottles; Moe will buy two bottles, and Larry will buy one bottle. 

C) consumer surplus will increase from $80 to $95.

D) Larry and Moe will receive more consumer surplus than Curly.

Table 4-5

Consumer

Willingness to Pay

Violet

$48

Walter

  40

Xavier

  30

Yolanda

  24

Zachary

  14

 

73) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36

A) Violet and Walter will each buy two tickets.

B) Walter will receive $4 of consumer surplus from buying one ticket.

C) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket.

D) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets.

 

74) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $20

A) everyone will buy a ticket except for Zachary.

B) only Violet and Walter will buy tickets.

C) Xavier’s consumer surplus is $50.

D) the total consumer surplus from the purchase of tickets will be $122.

 

75) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50

A) everyone will buy a ticket.

B) consumer surplus will be maximized.

C) Violet’s consumer surplus is $2.

D) no one will buy a ticket.

76) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket rises from $20 to $38

A) only three tickets will be sold.

B) consumer surplus decreases from $62 to $12.

C) consumer surplus increases from $88 to $142.

D) no one will buy a ticket.

 

77) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from $50 to $20

A) only three tickets will be sold.

B) consumer surplus decreases from $48 to $24.

C) consumer surplus increases from $0 to $62.

D) everyone will buy a ticket.

 

78) The additional cost to a firm of producing one more unit of a good or service is the

A) minimum cost.

B) total cost.

C) opportunity cost.

D) marginal cost.

 

Table 4-6

Marko’s Polos

Marginal Cost

(dollars)

1st shirt

$7

2nd shirt

10

3rd shirt

15

4th shirt

20

 

79) Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko’s, a firm that specializes in producing men’s clothing. If the market price of Marko’s polo shirts is $18

A) Marko’s will produce four shirts.

B) producer surplus from the first shirt is $18.

C) producer surplus will equal $22.

D) there will be a surplus; as a result, the price will fall to $7.

 

80) Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko’s, a firm that specializes in producing men’s clothing. If the price of polo shirts increases from $15 to $20

A) consumers will buy no polo shirts.

B) the marginal cost of producing the third polo shirt will increase to $20.

C) producer surplus will rise from $13 to $28.

D) there will be a surplus of polo shirts.

 

 

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