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Answer false diff 2 type tf page ref 87 95 skill

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Answer:FALSEDiff: 2Type: TFPage Ref: 87-95Skill:AppliedObjective:4.4 Predict how changes in demand and supply affect equilibrium prices andquantities.62) The introduction of a cost-saving technology at the espresso bar should make the price ofespressos fall.Answer:TRUEDiff: 2Type: TFPage Ref: 87-95Skill:RecallObjective:4.4 Predict how changes in demand and supply affect equilibrium prices andquantities.63) The introduction of a cost-saving technology in the Office of The Registrar should maketuition fees rise.Answer:FALSE
Diff: 2Type: TFPage Ref: 87-95Skill:AppliedObjective:4.4 Predict how changes in demand and supply affect equilibrium prices andquantities.64) If the price of corn rises we expect a rise in the price of wheat because these crops arerelated products for farmers.Answer:TRUEDiff: 2Type: TFPage Ref: 87-95Skill:AppliedObjective:4.4 Predict how changes in demand and supply affect equilibrium prices andquantities.65) When the RCMP arrests a large number of marijuana dealers, we expect the street priceof marijuana to rise.Answer:TRUEDiff: 2Type: TFPage Ref: 87-95Skill:AppliedObjective:4.4 Predict how changes in demand and supply affect equilibrium prices andquantities.
4.5Getting More Than You Bargained For: Consumer Surplus, Producer Surplus, andEfficiency1) A new car has a list price of $45,000. Harnit decided that he would pay no more than$42,000 for this car. He buys the car for $41,000. Harnit's consumer surplus isA) $45,000.B) $42,000.C) $4,000.D) $3,000.E) $1,000.Answer:EDiff: 2Type: MCPage Ref: 96-101Skill:AppliedObjective:4.5 Explain the efficiency of markets using the concepts of consumer surplus andproducer surplus.2) Consumer surplus is theA) the difference between the maximum price consumers are willing and able to pay and theminimum price producers are willing to accept.B) the difference between the maximum price consumers are willing and able to pay and theprice actually paid to producers.C) the difference between the amount a producer is willing to accept and the price actuallyreceived.D) the area under the marginal benefit curve.E) the total amount consumers paid for a product.Answer:BDiff: 2Type: MCPage Ref: 96-101Skill:AppliedObjective:4.5 Explain the efficiency of markets using the concepts of consumer surplus andproducer surplus.3) Producer surplus is theA) the difference between the maximum price consumers are willing and able to pay and theminimum price producers are willing to accept.B) the difference between the maximum price consumers are willing and able to pay and theprice actually paid to producers.C) the difference between the amount a producer is willing to accept and the price actuallyreceived.D) the area above the marginal cost curve.E) the total amount producers received for a product.

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