Question : 41) The figure above shows Lauren’s demand curve for Barbie : 1241541

 

 

 

41) The figure above shows Lauren’s demand curve for Barbie dolls and the market price for Barbie dolls. Using the area of the consumer surplus triangle, Lauren’s total consumer surplus from purchasing 3 dolls is

A) $5.50.

B) $10.00.

C) $22.50.

D) $45.00.

E) 3 dolls.

42) The figure above shows Lauren’s demand curve for Barbie dolls and the market price for Barbie dolls. In order for Lauren to avoid paying more for dolls than they are worth to her, she must not purchase any more than

A) 0 dolls.

B) 1 doll.

C) 3 dolls.

D) 5 dolls.

E) 4 dolls.

 

 

43) In the figure above, suppose that $20 is the market equilibrium price. Which area is the consumer surplus?

A) A

B) B

C) A + B

D) B – A

E) B ÷ A

44) In the figure above, suppose that $20 is the market equilibrium price. What is the amount of the consumer surplus?

A) $3,375

B) $3,000

C) $375

D) 150 units

E) $1,500

 

45) The figure above shows Diane’s demand curve for soda. The price of a soda is $1.00. Diane’s consumer surplus from her 10th soda is

A) $0.00.

B) $0.50.

C) $1.00.

D) $1.50.

E) $2.50.

46) The figure above shows Diane’s demand curve for soda. The price of a soda is $1.00. Diane’s consumer surplus from her 15th soda is

A) $0.00.

B) $0.50.

C) $1.00.

D) $1.50.

E) $2.50.

 

47) The figure above shows Diane’s demand curve for soda. The price of a soda is $1.00. Diane’s consumer surplus from all 15 sodas is

A) $15.00.

B) $22.50.

C) $11.25.

D) $8.00.

E) $1.50.

 

48) The figure above shows Diane’s demand curve for soda. The price of a soda is $1.00. Diane’s total benefit from consuming 15 sodas is

A) $15.00.

B) $26.25.

C) $11.25.

D) $0.

E) None of the above answers is correct.

49) Value is

A) the price we pay for a good.

B) the cost of resources used to produce a good.

C) objective so that it is determined by market forces, not preferences.

D) the marginal benefit we get from consuming another unit of a good or service.

E) the difference between the price paid for a good and the marginal cost of producing that unit of the good.

 

50) A marginal benefit curve

A) is the same as a demand curve.

B) is the same as a supply curve.

C) slopes upwards.

D) is a vertical line at the efficient quantity.

E) is U-shaped.

 

51) In general, as the consumption of a good or service increases, the marginal benefit from consuming that good or service

A) increases.

B) decreases.

C) stays the same.

D) at first increases and then decreases.

E) at first decreases and then increases.

52) The difference between the marginal benefit from a new pair of shoes and the price of the new pair of shoes is

A) the consumer surplus from that pair of shoes.

B) what we get.

C) what we have to pay.

D) the price when the marginal benefit is maximized.

E) the consumer’s expenditure on the shoes.

 

53) Suppose the price of a scooter is $200 and Cora Lee is willing to pay $250. Cora Lee’s

A) consumer surplus from that scooter is $200.

B) consumer surplus from that scooter is $50.

C) marginal benefit from that scooter is $100.

D) consumer surplus from that scooter is $150.

E) consumer surplus from that scooter is $250.

 

54) If the price of a pizza is $10 per pizza, the consumer surplus from the first pizza consumed ________ the consumer surplus from the second pizza consumed.

A) is greater than

B) equals

C) is less than

D) cannot be compared to

E) None of the above answers is correct because more information is needed about the marginal cost of producing the pizzas to answer the question.