quiz 4 - 2, Sam's demand curve for pizza A), lies above her...

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T HE O HIO S TATE U NIVERSITY D EPARTMENT OF E CONOMICS E CON 200N, W INTER 2008 I NSTRUCTOR : Y U Z HOU Q UIZ F OUR J AN 31, 2008 P RINT Y OUR N AME _______________ KEY ______________________________ S OCIAL S ECURITY N UMBER (O PTIONAL ) ________________________________ S IGN Y OUR N AME __________________________________________________ I NSTRUCTIONS : Y OU HAVE 12 MINUTES TO COMPLETE THE QUIZ . T HE QUIZ TOTALS 2 POINTS . Y OU HAVE 4 MULTI - CHOICE QUESTIONS AND EACH QUESTION ACCOUNTS ONE HALF POINT . P LEASE FILL IN YOUR ANSWERS INSIDE THE TABLE AT THE BOTTOM OF THIS PAGE , AND TURN IN THIS PAGE ONLY . Y OU KEEP THE QUIZ PROBLEMS . P ICK THE BEST ANSWER FOR EACH QUESTION . Problem 1 Problem 2 Problem 3 Problem 4 C C C A 1
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1, All of the following statements about marginal benefit are correct EXCEPT the marginal benefit of a good A), is the benefit a person receives from consuming one more unit of the good or service. B), is measured as the maximum price that a person is willing to pay for one more unit of the good. C), is equal to zero when resource use is efficient. D), decreases as the quantity consumed of the good increases.
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Unformatted text preview: 2, Sam's demand curve for pizza A), lies above her marginal benefit curve for pizza. B), lies below her marginal benefit curve for pizza. C), is the same as her marginal benefit curve for pizza. D), has one point in common with her marginal benefit curve for pizza. 3, A used car was recently priced at $20,000. Seeing the car, Bobby thought, "It's nice, but if I have to pay more than $19,500 for this car, then I would rather do without it." After negotiations, Bobby purchased the car for $19,250. His consumer surplus was equal to A), $19,500 B), $1,750 C), $250 D), $0 4, In the figure below, if the price is $2 and the consumer bought 12 units, then the total consumer surplus will be A), triangle abc. B), triangle cef. C), trapezoid adec. D), trapezoid bdfc. THE END 2...
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This test prep was uploaded on 04/19/2008 for the course ECON 200 taught by Professor Newton during the Spring '08 term at Ohio State.

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quiz 4 - 2, Sam's demand curve for pizza A), lies above her...

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