Question : Table 4-4 Consumer Willingness to Pay Curly : 1387432

 

Table 4-4

 

Consumer

Willingness to Pay

Curly

$50

Moe

  30

Larry

  15

 

 

 

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.