Question :
31) The figure above shows the supply curve for soda. : 1226490
31) The figure above shows the supply curve for soda. The market price is $1.00 per soda. The ________ price that must be offered so that the 10,000th soda is produced is ________.
A) minimum; $0.50
B) minimum; $1.00
C) maximum; $0.50
D) maximum; $1.00
E) minimum; more than $0.50 but less than $1.00
32) The figure above shows the supply curve for soda. The market price is $1.00 per soda. The producer surplus from the 10,000th soda is
A) $0.00.
B) $0.50.
C) $1.00.
D) more than $1.00.
E) None of the above answers is correct.
33) The figure above shows the supply curve for soda. The market price is $1.00 per soda. The producer surplus from the 20,000th soda is
A) $0.00.
B) $0.50.
C) $1.00.
D) more than $1.00.
E) None of the above answers is correct.
34) In the figure above, the equilibrium market price is $20. $20 is the
A) marginal cost of 150th unit.
B) willingness to pay for the 1st unit.
C) producer surplus.
D) consumer surplus.
E) deadweight loss.
35) In the figure above, the equilibrium market price is $20. Area A is the
A) marginal cost of 150th unit.
B) willingness to pay for the 150th unit.
C) producer surplus.
D) consumer surplus.
E) marginal benefit of 150th unit.
36) In the figure above, the equilibrium market price is $20. The producer surplus is shown by the area
A) A.
B) B.
C) A + B.
D) A ÷ B.
E) A – B.
37) In the figure above, the equilibrium market price is $20. The producer surplus equals
A) $20.
B) $1,500.
C) $3,000.
D) 150.
E) $4,500.
38) Cost
A) is what the buyer pays to get the good.
B) is always equal to the marginal benefit for every unit of a good produced.
C) is what the seller must give up to produce the good.
D) is greater than market price, which results in a profit for firms.
E) means the same thing as price.
39) If a firm is willing to supply the 1,000th unit of a good at a price of $23 or more, we know that $23 is the
A) highest price the seller hopes to realize for this output.
B) minimum price the seller must receive to produce this unit.
C) average price of all the prices the seller could charge.
D) price that sets the marginal benefit equal to the price.
E) only price for which the seller is willing to sell this unit of the good.
40) A supply curve shows the ________ of producing one more unit of a good or service.
A) producer surplus
B) consumer surplus
C) total benefit
D) marginal cost
E) marginal benefit to the producer
41) The producer surplus on a unit of a good is
A) equal to the marginal benefit from the good minus its price.
B) equal to the price of the good minus the marginal cost of producing it.
C) always equal to consumer surplus.
D) Both answers A and C are correct.
E) Both answers B and C are correct.
42) Suppose you’re willing to tutor a student for $10 an hour. The student pays you $15 an hour. What is your producer surplus?
A) $5 an hour
B) $10 an hour
C) $15 an hour
D) $25 an hour
E) More than $25 an hour
43) In a figure that shows a supply curve and a demand curve, producer surplus is the area
A) below the demand curve and above the market price.
B) below the supply curve and above the market price.
C) above the demand curve and below the market price.
D) above the supply curve and below the market price.
E) between the demand curve and the supply curve.
