121.Ifamarketisallowedtomovefreelytoitsequilibriumpriceandquantity,thenanincreaseinsupplywill
a.increaseconsumersurplus.
b.reduceconsumersurplus.
c.notaffectconsumersurplus.
d.Anyoftheabovearepossible.
122.AsimultaneousincreaseinboththedemandforMP3playersandthesupplyofMP3playerswouldimplythat
a.boththevalueofMP3playerstoconsumersandthecostofproducingMP3playershasincreased.
b.boththevalueofMP3playerstoconsumersandthecostofproducingMP3playershasdecreased.
c.thevalueofMP3playerstoconsumershasdecreased,andthecostofproducingMP3playershasincreased.
d.thevalueofMP3playerstoconsumershasincreased,andthecostofproducingMP3playershasdecreased.
123.Tomatosauceandspaghettinoodlesarecomplementarygoods.Adecreaseinthepriceoftomatoeswill
a.increaseconsumersurplusinthemarketfortomatosauceanddecreaseproducersurplusinthemarketforspaghettinoodles.
b.increaseconsumersurplusinthemarketfortomatosauceandincreaseproducersurplusinthemarketforspaghettinoodles.
c.decreaseconsumersurplusinthemarketfortomatosauceandincreaseproducersurplusinthemarketforspaghettinoodles.
d.decreaseconsumersurplusinthemarketfortomatosauceanddecreaseproducersurplusinthemarketforspaghettinoodles.
124.Hotdogsandhotdogbunsarecomplements.Anincreaseinthepriceofflourusedtomakehotdogsbunswill
a.increaseconsumersurplusinthemarketforhotdogbunsanddecreaseproducersurplusinthemarketforhotdogs.
b.increaseconsumersurplusinthemarketforhotdogsandincreaseproducersurplusinthemarketforhotdogbuns.
c.decreaseconsumersurplusinthemarketforhotdogbunsandincreaseproducersurplusinthemarketforhotdogs.
d.decreaseconsumersurplusinthemarketforhotdogbunsanddecreaseproducersurplusinthemarketforhotdogs.
125.Steakandchickenaresubstitutes.Asharpreductioninthesupplyofsteakwould
a.increaseconsumersurplusinthemarketforsteakanddecreaseproducersurplusinthemarketforchicken.
b.increaseconsumersurplusinthemarketforsteakandincreaseproducersurplusinthemarketforchicken.
c.decreaseconsumersurplusinthemarketforsteakandincreaseproducersurplusinthemarketforchicken.
d.decreaseconsumersurplusinthemarketforsteakanddecreaseproducersurplusinthemarketforchicken.
126.Cornchipsandpotatochipsaresubstitutes.Goodweatherthatsharplyincreasesthecornharvestwould
a.increaseconsumersurplusinthemarketforcornchipsanddecreaseproducersurplusinthemarketforpotatochips.
b.increaseconsumersurplusinthemarketforcornchipsandincreaseproducersurplusinthemarketforpotatochips.
c.decreaseconsumersurplusinthemarketforcornchipsandincreaseproducersurplusinthemarketforpotatochips.
d.decreaseconsumersurplusinthemarketforcornchipsanddecreaseproducersurplusinthemarketforpotatochips.
127.PlayStationsandPlayStationgamesarecomplementarygoods.AtechnologicaladvanceintheproductionofPlayStationswill
a.increaseconsumersurplusinthemarketforPlayStationsanddecreaseproducersurplusinthemarketforPlayStationgames.
b.increaseconsumersurplusinthemarketforPlayStationsandincreaseproducersurplusinthemarketforPlayStationgames.
c.decreaseconsumersurplusinthemarketforPlayStationsandincreaseproducersurplusinthemarketforPlayStationgames.
d.decreaseconsumersurplusinthemarketforPlayStationsanddecreaseproducersurplusinthemarketforPlayStationgames.
128.Ifthecurrentallocationofresourcesinthemarketforhammersisinefficient,thenitmustbethecasethat
a.producersurplusexceedsconsumersurplusinthemarketforhammers.
b.consumersurplusexceedsproducersurplusinthemarketforhammers.
c.thesumofconsumersurplusandproducersurpluscouldbeincreasedbymovingtoadifferentallocationofresources.
d.thecoststhatsellersofhammersareincurringcouldbereducedbymovingtoadifferentallocationofresources.
129.Ifthecurrentallocationofresourcesinthemarketforwallpaperisefficient,thenitmustbethecasethat
a.producersurplusequalsconsumersurplusinthemarketforwallpaper.
b.themarketforwallpaperisinequilibrium.
c.onthelastunitofwallpaperthatwasproducedandsold,thevaluetobuyersexceededthecosttosellers.
d.Alloftheabovearecorrect.
130.Fivehundred units of goodxarecurrentlyboughtandsold.Themarginalbuyeriswillingtopay$40forthe500thunit,andthecosttothemarginalselleris $35forthe500thunit
a.theequilibrium price of goodxissomewherebetween$35and$40.
b.theequilibrium quantity ofgoodxexceeds500units.
c.500unitsisnotanefficientquantityofgoodx.
d.Alloftheabovearecorrect.
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