Review Chapter 10

Review Chapter 10 - Econ 221 Winter 2008 Williamson Review...

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Econ 221 Winter 2008 Williamson Review of Chapter #10 I. Multiple Choice Answer questions 1-3 using the following figure. 1. Based on demand curve D and supply curve S, the dollar value of the consumer surplus is A) $240. B) $200. C) $180. D) $160. E) $120. 2. Based on demand curve D and supply curve S, the dollar value of the producer surplus is A) $180. B) $160. C) $150. D) $130. E) $75. 3. Based on demand curve D and supply curve S, the dollar value of the total economic surplus is A) $75. B) $150. C) $180. D) $225. E) $255. Page 1
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Use the following figure to answer questions 4- 9 4. If the original supply and demand curves are S and D, then the efficient outcome is a price equal to the distance______ and a quantity equal to the distance______. A) 0A; 0B B) 0G; 0F C) 0E; 0F D) AG; 0B E) AE; 0F 5. The extent of total economic surplus with supply and demand curves S and D is represented by the points A) MLI. B) AKC.
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This note was uploaded on 02/07/2011 for the course ECON 221 taught by Professor Williamson during the Fall '05 term at Cal Poly.

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Review Chapter 10 - Econ 221 Winter 2008 Williamson Review...

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