Economic 201 (Ch. 7) - Submitted Name Status Score 3:27 PM...

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Submitted 2/17/08 3:27 PM Name Chapter7 Status Completed Score 15 out of 15 points Time Elapsed 0 hours, 9 minutes, and 14 seconds out of 1 hours and 45 minutes allowed. Instructions Note, you can open the quiz only once. Good luck. Question 1 1 out of 1 points Figure 7-6 Refer to Figure 7-6 . When the price is P 1 , producer surplus is Selected Answer: C. Correct Answer: C. Question 2 1 out of 1 points This table refers to five possible buyers' willingness to pay for a case of Vanilla Coke. Table 7-2 BUYER WILLINGNESS TO PAY DAVID $8.50 LAURA $7.00 MEGAN $5.50 MALLORY $4.00 AUDREY $3.50 Refer to Table 7-2 . If the market price is $5.50, the consumer surplus in the market will be Selected Answer: $4.50. Correct Answer: $4.50. Question 3 1 out of 1 points Consumer surplus Selected Answer: is the difference between the amount that a consumer actually pays for a good and the amount that the consumer is willing to pay for the good. Correct Answer: is the difference between the amount that a consumer actually pays for a good and the amount that the consumer is willing to pay for the good.
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