Question :
71) Refer to Table 4-4. The table above lists the : 1245116
71) Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of one of the bottles is $95 dollars, total consumer surplus will be
A) $0
B) $35.
C) $80.
D) $95.
72) Refer to Table 4-4. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of the champagne falls from $24 to $14
A) consumer surplus increases from $32 to $53.
B) Curly will buy four bottles; Moe will buy two bottles, and Larry will buy one bottle.
C) consumer surplus will increase from $80 to $95.
D) Larry and Moe will receive more consumer surplus than Curly.
Table 4-5
Consumer
Willingness to Pay
Violet
$48
Walter
40
Xavier
30
Yolanda
24
Zachary
14
73) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $36
A) Violet and Walter will each buy two tickets.
B) Walter will receive $4 of consumer surplus from buying one ticket.
C) Violet and Walter receive a total of $52 of consumer surplus from buying one ticket each. No one else will buy a ticket.
D) Xavier, Yolanda, and Zachary will receive a total of $68 of consumer surplus since they will buy no tickets.
74) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one of the tickets is $20
A) everyone will buy a ticket except for Zachary.
B) only Violet and Walter will buy tickets.
C) Xavier’s consumer surplus is $50.
D) the total consumer surplus from the purchase of tickets will be $122.
75) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) everyone will buy a ticket.
B) consumer surplus will be maximized.
C) Violet’s consumer surplus is $2.
D) no one will buy a ticket.
76) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket rises from $20 to $38
A) only three tickets will be sold.
B) consumer surplus decreases from $62 to $12.
C) consumer surplus increases from $88 to $142.
D) no one will buy a ticket.
77) Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from $50 to $20
A) only three tickets will be sold.
B) consumer surplus decreases from $48 to $24.
C) consumer surplus increases from $0 to $62.
D) everyone will buy a ticket.
78) The additional cost to a firm of producing one more unit of a good or service is the
A) minimum cost.
B) total cost.
C) opportunity cost.
D) marginal cost.
Table 4-6
Marko’s Polos
Marginal Cost
(dollars)
1st shirt
$7
2nd shirt
10
3rd shirt
15
4th shirt
20
79) Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko’s, a firm that specializes in producing men’s clothing. If the market price of Marko’s polo shirts is $18
A) Marko’s will produce four shirts.
B) producer surplus from the first shirt is $18.
C) producer surplus will equal $22.
D) there will be a surplus; as a result, the price will fall to $7.
80) Refer to Table 4-6. The table above lists the marginal cost of polo shirts by Marko’s, a firm that specializes in producing men’s clothing. If the price of polo shirts increases from $15 to $20
A) consumers will buy no polo shirts.
B) the marginal cost of producing the third polo shirt will increase to $20.
C) producer surplus will rise from $13 to $28.
D) there will be a surplus of polo shirts.
