Question : 61) Marco goes to the pet store to buy a : 1387431

 

 

61) Marco goes to the pet store to buy a dozen Koi fish for his new Koi pond. He is willing to pay $200 for the dozen fish, but buys them for a total of $140. Marco’s consumer surplus from the purchase is

A) $5.

B) $60.

C) $140.

D) $200.

 

62) Brett buys a new cell phone for $100. He receives consumer surplus of $80 from the purchase. How much does Brett value his cell phone?

A) $180

B) $100

C) $80

D) $20

 

 

63) Monique buys a new television for $795. She receives consumer surplus of $355 from the purchase. How much does Monique value her television?

A) $355

B) $440

C) $795

D) $1150

 

 

64) The maximum price that a buyer is willing to pay for a good measures his

A) consumer surplus.

B) marginal benefit.

C) willingness to pay.

D) producer surplus.

 

 

65) A consumer is willing to purchase a product up to the point where

A) he spends all of his income.

B) the marginal benefit is equal to the price of the product.

C) the quantity demanded is equal to the quantity supplied.

D) he is indifferent between consuming and saving.

 

66) The additional benefit to a consumer from consuming one more unit of a good or service

A) is equal to consumer surplus.

B) is equal to the opportunity cost of consuming the good or service.

C) is equal to marginal benefit.

D) is equal to economic surplus.

 

 

67) Which of the following statements best describes the concept of consumer surplus?

A) “I paid $89 for a microwave oven last week. This week the same store is selling the same microwave oven for $69.”

B) “I sold my hard copy of Harry Potter and the Half-Blood Prince to a used book store for $10 even though I was willing to sell it for $5.”

C) “Target was having a sale on tube socks so I bought 5 pairs.”

D) “I was going to pay $200 for new sunglasses that I had seen at the Oakley store, but I ended up paying only $140 for the same sunglasses.”

 

 

68) Each point on a demand curve shows

A) the willingness of consumers to purchase a product at different prices.

B) the consumer surplus received from purchasing a given quantity of a product.

C) the economic surplus received from purchasing a given quantity of a product.

D) the legally determined maximum price that sellers may charge for a given quantity of a product.

 

Table 4-4

 

Consumer

Willingness to Pay

Curly

$50

Moe

  30

Larry

  15

 

69) 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 $24 dollars

A) Curly will buy two bottles, Moe will buy one bottle and Larry will buy no bottles.

B) Curly will receive $26 of consumer surplus from buying one bottle.

C) Curly and Moe receive a total of $80 of consumer surplus from buying one bottle each. Larry will buy no bottles.

D) Larry will receive $15 of consumer surplus since he will buy no bottles.

 

 

70) 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 $27 dollars, total consumer surplus will be

A) $0.

B) $14.

C) $26.

D) $53.