51.RefertoTable7-6.Ifthemarketpriceofanappleis$1.40,thenconsumersurplusamountsto
a.$0.60.
b.$1.20.
c.$1.40.
d.$3.40
52.RefertoTable7-6.Ifthemarketpriceofanappleincreasesfrom$1.40to$1.60,thenconsumersurplus
a.decreasesby$0.15.
b.decreasesby$0.30.
c.decreasesby$0.45.
d.increasesby$0.15.
Table7-7
Buyer
WillingnesstoPay
Michael
$500
Earvin
$400
Larry
$350
Charles
$300
53.RefertoTable7-7.YouhaveanextratickettotheMidwestRegionalSweet16gameinthemen’sNCAAbasketballtournament.Thetableshowsthewillingnesstopayofthefourpotentialbuyersinthemarketforatickettothegame.Youholdanauctiontoselltheticket.Whomakesthewinningbid,andwhatdoesheoffertopayfortheticket?
a.Michael;$501
b.Michael;morethan$400butlessthanorequalto$500
c.Earvin;$400
d.Earvin;morethan$350butlessthanorequalto$400
54.RefertoTable7-7.YouhaveanextratickettotheMidwestRegionalSweet16gameinthemen’sNCAAbasketballtournament.Thetableshowsthewillingnesstopayofthefourpotentialbuyersinthemarketforatickettothegame.Youholdanauctiontoselltheticket.Michaelbids$410fortheticket,andyousellhimtheticket.Whatishisconsumersurplus?
a.$410
b.$90
c.$10
d.
0
55.RefertoTable7-7.YouhavetwoessentiallyidenticalextraticketstotheMidwestRegionalSweet16gameinthemen’sNCAAbasketballtournament.Thetableshowsthewillingnesstopayofthefourpotentialbuyersinthemarketforatickettothegame.Youholdanauctiontosellthetwotickets.Whomakesthewinningbids,andwhatdotheyoffertopayforthetickets?
a.MichaelandEarvin;morethan$350butlessthanorequalto$400
b.MichaelandEarvin;morethan$400butlessthanorequalto$500
c.EarvinandLarry;morethan$300butlessthanorequalto$350
d.LarryandCharles;lessthan$300
56.RefertoTable7-7.YouhavetwoessentiallyidenticalextraticketstotheMidwestRegionalSweet16gameinthemen’sNCAAbasketballtournament.Thetableshowsthewillingnesstopayofthefourpotentialbuyersinthemarketforatickettothegame.Youholdanauctiontosellthetwotickets.MichaelandEarvineachoffertopay
a.$720
b.$180
c.$140
d.$40
57.RefertoTable7-7.YouhavefouressentiallyidenticalextraticketstotheMidwestRegionalSweet16gameinthemen’sNCAAbasketballtournament.Thetableshowsthewillingnesstopayofthefourpotentialbuyersinthemarketforatickettothegame.Youoffertoselltheticketsfor$400.Howmanyticketsdoyousell,andwhatisthetotalconsumersurplusinthemarket?
a.oneticket;$100
b.twotickets;$100
c.twotickets;$0
d.threetickets;$0
58.RefertoTable7-7.YouhavefouressentiallyidenticalextraticketstotheMidwestRegionalSweet16gameinthemen’sNCAAbasketballtournament.Thetableshowsthewillingnesstopayofthefourpotentialbuyersinthemarketforatickettothegame.Youoffertoselltheticketsfor$325.Howmanyticketsdoyousell,andwhatisthetotalconsumersurplusinthemarket?
a.oneticket;$175
b.twotickets;$225
c.threetickets;$225
d.threetickets;$275
59.RefertoTable7-7.YouaresellingextraticketstotheMidwestRegionalSweet16gameinthemen’sNCAAbasketballtournament.Thetableshowsthewillingnesstopayofthefourpotentialbuyersinthemarketforatickettothegame.Whichofthefollowinggraphsrepresentsthemarketdemandcurve?
a.
b.
c.
d.
Table7-9
Duringthelasttwodays,Chadpurchasedalattefromtwodifferentstores.ThetablebelowshowsChad’swillingnesstopayoneachdayandhisconsumersurplusfromeachpurchase.
Chad’sWillingnesstoPay
Chad’sConsumerSurplus
FirstDay
$5.00
$1.25
SecondDay
$4.00
$0.75
60.RefertoTable7-9.ThepricethatChadpaidforalatteonthefirstdayis
a.$3.75.
b.$6.25.
c.$5.00.
d.$5.50.