Question : 11) A point the demand curve shows the A) price and : 1239079

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.