ECON 2030 Chapter : ECON 2030 Feb 1 LAB 3

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azuremammoth471

15 Mar 2019

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Suppose further that travis did not purchase the. Suppose travis, a rational are collector, has a reservation price of for painting. We know with certainty that the price of shark was _______ : greater than, greater than or equal to, equal to, less than, less than or equal to. Suppose you observe a market in which, at a given point in time, the quantity consumers are willing and able to purchase is ______ the quantity producers are willing and able to sell. Which side of the celery market is directly affected by this decrease: the buyers, the sellers. How will buyer behavior change as a result of this decrease: buyers want to buy more, buyers want to buy less. Suppose further that incomes in the country are decreasing. The equilibrium price of celery will ______ and the equilibrium quantity transacted will ______: increase; increase, increase; decrease, decrease; increase, decrease; decrease answer.

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QUESTION 16

Positive externalities exist because:

	a.	internal benefits are greater than external benefits.
	b.	internal benefits are greater than social benefits.
	c.	internal benefits are less than external benefits.
	d.	external benefits are greater than social benefits.
	e.	internal benefits are less than social benefits.

QUESTION 17

What is a black market?

	a.	It is an illegal market that emerges when binding price ceilings are in place.
	b.	It is an illegal market that emerges when only binding price ceilings and binding price floors are in place.
	c.	It is an illegal market that emerges when no price controls are present.
	d.	It is an illegal market that emerges when binding and nonbinding price controls are in place.
	e.	It is an illegal market that emerges when binding price floors are in place.

QUESTION 18

The personal decisions of consumers and firms are based on:

	a.	external costs.
	b.	public-good costs.
	c.	third-party costs.
	d.	internal costs.
	e.	social cost.

QUESTION 19

When the price is _________ the equilibrium price, we would expect there to be a _________, causing the market to put _________ pressure on the price until it went back to the equilibrium price.

	a.	below; shortage; downward
	b.	above; shortage; downward
	c.	above; surplus; upward
	d.	above; surplus; downward
	e.	below; surplus; upward

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26. When a market is efficient: A) there is no way to make some people better off without making other people worse off. B) consumers who value buying a good the least are the ones who are able to purchase the good. C) producers whose willingness to accept a price that is greater than the market price are able to sell their 201311 PRACTICE PROBLEMS: SURPLUS

25) Suppose that at Jones & Smith Shoe Factory, the marginal cost of making a pair of shoes is $15 and average variable
cost is $15. For the next pair of shoes produced marginal cost will be ________ $15 and average variable cost will be
________ $15. 25) ______
A) greater than; less than B) less than; greater than
C) less than; less than D) greater than; greater than

26) The added revenue that a firm earns from selling an additional unit of output is: 26) ______
A) marginal revenue. B) total revenue.
C) variable revenue. D) fixed revenue.

27) If a restaurant charges seniors one price and nonseniors another price, the restaurant will apply the marginal
principle: 27) ______
A) once, because the two groups have the same demands.
B) twice, because the two groups have different demands.
C) only to the seniors because they consume the most.
D) by averaging the price charged to both groups.

28) At the market equilibrium, resources are allocated efficiently because:28) ______
A) the price buyers pay accurately reflects the marginal cost of the resources used to produce the good.
B) the price buyers pay is greater than sellers' willingness to sell.
C) the marginal cost of producing another unit is equal to zero.
D) all of the above

29) Suppose that the quantity supplied of cars exceeds the quantity of cars demanded. We would expect that: 29)
______
A) the demand will decrease to meet the supply.
B) the price of cars will increase.
C) the supply will increase to meet the demand.
D) the price of cars will decrease.

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ECON 2030 Chapter : ECON 2030 Feb 1 LAB 3

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