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Midterm

ECON 101 MIDTERM 2 REVIEW CH 5 6 8.docx

7 Pages
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Department
Economics
Course Code
ECON 1000
Professor
Sandra Withworth

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Description
CHAPTER 5 STUDY GUIDE QUESTIONSPARKIN AND BADE 8EDPg 71 Q2 The maximum price a consumer is willing to pay for a good is known as theaConsumer surplusbValue of a goodcRelative price of a gooddMoney price of a goodeMarginal cost of a goodPg 72 Q7 The marginal cost of a service isaThe opportunity cost of the first unit producedbThe maximum price producers must receive to induce them to supply an additional unit of the servicecThe value of all alternative foregonedIncreasing with increased outputeDecreasing with increased outputPg 72 Q8 A supply curve isaA marginal cost curvebA minimum supplyprice curvecAn opportunity cost of production curvedAll of the aboveeNone of the abovePg 73 Q12 At current output the marginal benefit of Furbys is greater than marginal cost To achieve an efficient allocation1 Furby output must increase 2 Furby output must decrease 3 the marginal benefit of Furbys will rise 4 the marginal cost of Furbys will falla1 and 3b1 and 4c2 and 3
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