Question : 11) A point the demand curve shows the A) price and : 1226483

 

 

11) A point on the demand curve shows the

A) price and the corresponding quantity demanded.

B) marginal benefit from that unit.

C) marginal cost to the seller of producing the unit.

D) Both answers A and B are correct.

E) Both answers A and C are correct.

 

12) A point on the demand curve shows the

A) minimum price that people are willing to pay for another unit of a good.

B) dollars’ worth of other goods that people must sacrifice to consume another unit of the good.

C) maximum price that people are willing to pay for another unit of a good.

D) consumer surplus a person gains from consuming a unit of a good.

E) marginal benefit minus the consumer surplus from consuming another unit of a good.

 

13) The demand curve is also the

A) total cost curve.

B) total benefit curve.

C) marginal cost curve.

D) marginal benefit curve.

E) marginal deadweight cost curve.

14) A demand curve can be interpreted as

A) a marginal benefit curve.

B) a total benefit curve.

C) an average benefit curve.

D) a marginal cost curve.

E) None of the above answers is correct.

 

15) Which of the following is true regarding a demand curve?

i.The demand curve is also the marginal benefit curve.

ii.The demand curve shows the dollars’ worth of other goods that people are willing to forgo to consume another unit of the good.

iii.The demand curve shows the maximum price that people are willing to pay for another unit of a good.

A) i and ii

B) i and iii

C) ii and iii

D) i, ii, and iii

E) i only

 

16) The marginal benefit from buying a particular unit of a good

A) is the amount paid for the unit plus the consumer surplus of the unit.

B) increases as market price increases.

C) is the difference between the amount paid for the unit and the market price of the unit.

D) is the difference between the total benefit of the unit and the marginal cost of producing that unit.

E) None of the above answers is correct.

17) Consumers’ total benefit from consuming a good is equal to the

A) total amount spent on the good.

B) consumer surplus on the quantity purchased.

C) consumer surplus plus the total amount spent on the good.

D) consumer surplus minus the total amount spent on the good.

E) total amount spent on the good divided by the number of units purchased.

 

18) Samantha was willing to pay $10 for a hamburger because she was hungry but she only paid $2.50. What is the marginal benefit Samantha gained from the hamburger?

A) $2.50

B) $7.50

C) $10.00

D) $12.50

E) None of the above answers is correct.

 

19) Consumer surplus exists when a

A) person buys something with a marginal benefit less than what they paid.

B) person buys something with a marginal benefit exactly what they paid.

C) person buys something with a marginal benefit more than what they paid.

D) producer sells something for more than it is worth.

E) person buys something with a marginal cost less than what they paid.

 

20) Shelby said to her friend, “I just bought a new pair of climbing shoes and I love them so much that I totally would have paid more for them.” Shelby was describing the concept of

A) consumer surplus.

B) producer surplus.

C) equilibrium.

D) marginal cost.

E) total surplus.

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more