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chapter 9 Hubbard Principle of Economics Practice Questions for Test

chapter 9 Hubbard Principle of Economics Practice Questions for Test

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Published by Maria Vega

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Published by: Maria Vega on Dec 11, 2010
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08/30/2013

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Chapter 9 The Analysis of Competitive Markets
1.
Figure 9.1
2. Refer to Figure 9.1. If the market is in equilibrium, the consumer surplus earned by the buyer of the 1st unit isa.
 
$5.00 b.
 
$15.00c.
 
$22.50
d.
 
$40.00
3. Refer to Figure 9.1. If the market is in equilibrium, the producer surplus earned by the seller of the 1st unit isa.
 
$5.00 b.
 
$10.00c.
 
$15.00
d.
 
$20.00
e.
 
$40.004. Refer to Figure 9.1. If the market is in equilibrium, total consumer surplus isa.
 
$30. b.
 
$70.c.
 
$400.
d.
 
$800.
e.
 
$1200.5. Refer to Figure 9.1. If the market is in equilibrium, total producer surplus isa.
 
$30. b.
 
$70.
c.
 
$400.
d.
 
$800.e.
 
$1200.6. Refer to Figure 9.1. If the market is in equilibrium, total consumer and producer surplus isa.
 
$0. b.
 
$100.c.
 
$800.
d.
 
$1200.
e.
 
$2000.6. Refer to Figure 9.1. If the government establishes a price ceiling of $20, how many widgets will be sold?
a.
 
20
 b.
 
30c.
 
40d.
 
50e.
 
607. Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceilingof $20, consumer surplus willa.
 
fall by $200. b.
 
fall by $300.
c.
 
remain the same.
d.
 
rise by $200.e.
 
rise by $300.8. Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceilingof $20, producer surplus willa.
 
fall by $200.
b.
 
 fall by $300.
c.
 
remain the same.d.
 
rise by $200.e.
 
rise by $300.
 
9. Refer to Figure 9.1. If the government establishes a price ceiling of $20, the resulting deadweight loss will bea.
 
$0. b.
 
$20.c.
 
$30.
d.
 
$300.
e.
 
$600.10. Refer to Figure 9.1. If the government establishes a price ceiling of $20, total consumer and producer surpluswill bea.
 
$30. b.
 
$400.c.
 
$600.
d.
 
$900.
e.
 
$1200.11. Consumer surplus measuresa.
 
the extra amount that a consumer must pay to obtain a marginal unit of a good or service. b.
 
the excess demand that consumers have when a price ceiling holds prices below their equilibrium.
c.
 
the benefit that consumers receive from a good or service beyond what they pay.
d.
 
gain or loss to consumers from price fixing.12. Producer surplus is measured as thea.
 
area under the demand curve above market price. b.
 
entire area under the supply curve.c.
 
area under the demand curve above the supply curve.
d.
 
area above the supply curve up to the market price.
13. Deadweight loss refers toa.
 
losses in consumer surplus associated with excess government regulations. b.
 
situations where market prices fail to capture all of the costs and benefits of a policy.c.
 
net losses in total surplus.
 d.
 
losses due to the policies of labor unions.14. Refer to Figure 9.3. If the market is in equilibrium, the consumer surplus earned by the buyer of the 100th unit isa.
 
$0.50.
b.
 
$0.75.
c.
 
$1.50.d.
 
$2.00.e.
 
$2.75.e.
 
Figure 9.3
15. Refer to Figure 9.3. If the market is in equilibrium, the producer surplus earned by the seller of the 100th unit isa.
 
$0.50. b.
 
$0.75.
c.
 
$1.50.
d.
 
$2.00.e.
 
$2.75.16. Refer to Figure 9.3. If the market is in equilibrium, total consumer surplus isa.
 
$1. b.
 
$3.
c.
 
$200.
d.
 
$400.e.
 
$600.17. Refer to Figure 9.3. If the market is in equilibrium, total producer surplus isa.
 
$2. b.
 
$3.c.
 
$200.
d.
 
$400.
e.
 
$600.

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