Table 4-3

The Waco Kid's Cowboy Hats

Marginal Cost

(dollars)

1st hat

$24

2nd hat

30

3rd hat

38

4th hat

46

21) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of The Waco Kid's cowboy hats is $40, 

A) The Waco Kid will produce four hats.

B) producer surplus from the first hat is $40.

C) producer surplus will equal $28.

D) there will be a surplus; as a result, the price will fall to $24.

22) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats increases from $38 to $46,

A) consumers will buy no cowboy hats.

B) the marginal cost of producing the third cowboy hat will increase to $46.

C) producer surplus will rise from $22 to $46.

D) there will be a surplus of cowboy hats.

23) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $35, The Waco Kid will produce

A) 1 hat.

B) 2 hats.

C) 3 hats.

D) 4 hats.

24) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, how many hats will be produced?

A) 0

B) 1

C) 2

D) 4

25) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, producer surplus is

A) $0.

B) $4.

C) $62.

D) $138.

26) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats decreases from $38 to $30,

A) consumer surplus will rise by $6.

B) the marginal cost of producing the third cowboy hat will fall to $30.

C) producer surplus will fall from $22 to $6.

D) producer surplus will rise from $8 to $24.

27) The area ________ the market supply curve and ________ the market price is equal to the total amount of producer surplus in a market.

A) above; above

B) above; below

C) below; above

D) below; below

28) The total amount of producer surplus in a market is equal to

A) the difference between quantity supplied and quantity demanded.

B) the area above the market supply curve and below the market price.

C) the area above the market supply curve.

D) the area between the demand curve and the supply curve below the market price.

29) Consumer surplus in a market for a product would be equal to ________ if the market price was zero.

A) zero

B) the area between the supply curve and the demand curve

C) the area above the supply curve

D) the area under the demand curve

30) Which of the following statements is true?

A) Consumer surplus measures the total benefit from participating in a market.

B) When a market is in equilibrium consumer surplus equals producer surplus.

C) Consumer surplus measures the net benefit from participating in a market.

D) Producer surplus measures the total benefit received by producers from participating in a market.

Table 4-3

The Waco Kid's Cowboy Hats

Marginal Cost

(dollars)

1st hat

$24

2nd hat

30

3rd hat

38

4th hat

46

21) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of The Waco Kid's cowboy hats is $40, 

A) The Waco Kid will produce four hats.

B) producer surplus from the first hat is $40.

C) producer surplus will equal $28.

D) there will be a surplus; as a result, the price will fall to $24.

22) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats increases from $38 to $46,

A) consumers will buy no cowboy hats.

B) the marginal cost of producing the third cowboy hat will increase to $46.

C) producer surplus will rise from $22 to $46.

D) there will be a surplus of cowboy hats.

23) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $35, The Waco Kid will produce

A) 1 hat.

B) 2 hats.

C) 3 hats.

D) 4 hats.

24) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, how many hats will be produced?

A) 0

B) 1

C) 2

D) 4

25) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, producer surplus is

A) $0.

B) $4.

C) $62.

D) $138.

26) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats decreases from $38 to $30,

A) consumer surplus will rise by $6.

B) the marginal cost of producing the third cowboy hat will fall to $30.

C) producer surplus will fall from $22 to $6.

D) producer surplus will rise from $8 to $24.

27) The area ________ the market supply curve and ________ the market price is equal to the total amount of producer surplus in a market.

A) above; above

B) above; below

C) below; above

D) below; below

28) The total amount of producer surplus in a market is equal to

A) the difference between quantity supplied and quantity demanded.

B) the area above the market supply curve and below the market price.

C) the area above the market supply curve.

D) the area between the demand curve and the supply curve below the market price.

29) Consumer surplus in a market for a product would be equal to ________ if the market price was zero.

A) zero

B) the area between the supply curve and the demand curve

C) the area above the supply curve

D) the area under the demand curve

30) Which of the following statements is true?

A) Consumer surplus measures the total benefit from participating in a market.

B) When a market is in equilibrium consumer surplus equals producer surplus.

C) Consumer surplus measures the net benefit from participating in a market.

D) Producer surplus measures the total benefit received by producers from participating in a market.

Table 4-3

The Waco Kid's Cowboy Hats

Marginal Cost

(dollars)

1st hat

$24

2nd hat

30

3rd hat

38

4th hat

46

21) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of The Waco Kid's cowboy hats is $40, 

A) The Waco Kid will produce four hats.

B) producer surplus from the first hat is $40.

C) producer surplus will equal $28.

D) there will be a surplus; as a result, the price will fall to $24.

22) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats increases from $38 to $46,

A) consumers will buy no cowboy hats.

B) the marginal cost of producing the third cowboy hat will increase to $46.

C) producer surplus will rise from $22 to $46.

D) there will be a surplus of cowboy hats.

23) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $35, The Waco Kid will produce

A) 1 hat.

B) 2 hats.

C) 3 hats.

D) 4 hats.

24) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, how many hats will be produced?

A) 0

B) 1

C) 2

D) 4

25) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of cowboy hats is $50, producer surplus is

A) $0.

B) $4.

C) $62.

D) $138.

26) Refer to Table 4-3.  The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats decreases from $38 to $30,

A) consumer surplus will rise by $6.

B) the marginal cost of producing the third cowboy hat will fall to $30.

C) producer surplus will fall from $22 to $6.

D) producer surplus will rise from $8 to $24.

27) The area ________ the market supply curve and ________ the market price is equal to the total amount of producer surplus in a market.

A) above; above

B) above; below

C) below; above

D) below; below

28) The total amount of producer surplus in a market is equal to

A) the difference between quantity supplied and quantity demanded.

B) the area above the market supply curve and below the market price.

C) the area above the market supply curve.

D) the area between the demand curve and the supply curve below the market price.

29) Consumer surplus in a market for a product would be equal to ________ if the market price was zero.

A) zero

B) the area between the supply curve and the demand curve

C) the area above the supply curve

D) the area under the demand curve

30) Which of the following statements is true?

A) Consumer surplus measures the total benefit from participating in a market.

B) When a market is in equilibrium consumer surplus equals producer surplus.

C) Consumer surplus measures the net benefit from participating in a market.

D) Producer surplus measures the total benefit received by producers from participating in a market.

They have a magnificent team. These people are always kind and willing to listen to your concerns or issues. Better yet, your assignment is always ready before the time, they usually send you a draft to double-check before they finalize your paper.

Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.

The work has not been graded but I like the output that was submitted to me. Is it possible for the same prof to do the next assignment I will be submitting? If possible, I will greatly appreciate it.

My third using this writer and absolutely amazing work! Very punctual and very understanding.

Outstanding job in writing my paper. I am always thrill to receive a well written paper that follows the instructions and the thorough details put into my paper. The quality of this paper is beyond awesome. Thank you so much.

I absolutely love this writer! He/she always cranks out a fabulous paper and follows the assignment guidelines/instructions perfectly. Thanks again for always providing such quality work!!!

It took some time to achieve the product I was looking for, but we eventually got there. I do feel like a lot of hard work was put into this, and it even exceeded the page requirement. I'm pretty pleased overall. I give my thanks.

Outstanding work! This writer followed every instruction and my paper came back with an A! I recommend to anyone needing help! Thank you again ❤️

Outstanding job in writing my paper. I am always thrill to receive a well written paper that follows the instructions and the thorough details put into my paper. The quality of this paper is beyond awesome. Thank you so much.

Made 100% on both the outline and the paper. Quick turnaround time and my writer responded within 30 min or less. Any edits my instructor needed, my writer was patient and worked diligently to accomplish the task. Would recommend my writer to anyone!

You are making my life so much easier! I am a single mom that works and goes to school. You guys are helping me with my projects so I can have more free time with my son.

I was sure it can fit in a single page but the next time I will add one more page because I am impressed with your professionalism and quality. Will use many more times till I graduate.

Simple registration and quality services. I just ordered one paper, and it was good enough to pass the exam. That is what I need the most. Good job.

I couldn’t finish my freaking essay, and I was very desperate. A friend of mine sent me a link, and that is how I found out about you guys. Thank you for professional tips and editing. Now, I understand how to write it properly.

I’m so grateful to you since you managed to complete my term paper in one day! You are definitely the best company ever!

I am sure on your ability to provide any type of paper I will order. I wish I could develop that skill your writers have to be able to have a flow of ideas and excellent sequencing of thoughts in writing.

I ordered a thesis paper and was satisfied. All the guys were polite and highly professional, even when I wrote to them several times per day. Thanks for your passion!

I turned to the service twice, and my papers always were beyond the expectations. To tell the truth, I was ready to find some grammar errors or something like that. However, everything was neat and tidy.

My friend recommended Doctor My Essay to me. It is convenient! Now we both turn to the service periodically coz wanna save some time and use it more effectively. I know that while I’m developing my startup, an expert is working on paper. Time management in work!

I write all paper works by myself but have some problems with literacy. Actually, I have enormous problems because English is not my native language. However, with proofreading from Doctor My Essay, I can relax and don’t be ashamed of mistakes.

Your ability to write concisely is a finding. The paper has a solid argument. It’s clear that the writer understood central claim about the topic. He also presented original ideas to consider.

That paper got the highest grade in my class and the professor thinks I’m the smartest student. Lol.

I was convinced that paper writing services are the fiction for naive students. But when it came to my research paper that was to be composed in 72 hours, I had no other options. I made the right choice when I ordered it from you!

I was also satisfied with the service. Usually, I write everything by myself, but this time ( I have no idea how it happens!) I missed the deadline. My writer was very responsible, wrote the essay quickly, and kept the instructions. Nice to know that such experts exist!

It is really affordable! The prices start from 9$, which is an excellent proposal on the market. Recently I worked with another service that took much more money and provided lower quality papers.

I am absolutely satisfied. I am first timer here. Revision was made quickly, and the author met my expectations. Thanks a lot. Paper is phenomenal.

Having heard a lot of negative reviews about such services, I was a bit skeptical. However, our cooperation with Doctor My Essay was without pitfalls. I made two comments about the final work, and they re-wrote some parts very promptly. I am satisfied and will turn to them in the future.

It was my first experience in online ordering, and I was a bit nervous. However, this was for nothing. I’ve got a high mark!

I understand that buying essays is a doubtful thing. You don’t put effort, don’t represent your ideas… However, I don’t perceive Doctor My Essay as a standard service. They don’t sell papers. They share high expertise!

According to my previous experience, this service is really the best. They support the client and have competitive writers. I give them a perfect score!

Nice service! It is cool that you can use the calculator on the main page and understand the price policy. For me, it is a huge plus!

Thanks to God I found this service! If I didn’t send my research to the teacher on time, he would eat me. I tell you! However, with doctor my essay service, I met the deadline, and I am still alive.

Your service is excellent! Convenient and not expensive. Thanks for that!

If you have problems with time management, just like me, you need to cooperate with Doctor My Essay. Once you registered and made the order, you understand how easier it makes your life! Everything is online: ordering, communication… You can control the process everywhere and be sure that an expert will provide a high-level paper.