quiz helpful for midterms and final (8)

quiz helpful for midterms and final (8) - Principles of...

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Principles of Economics EC 1 UCLA Dr. Bresnock Quiz 5 Choose the best answer to each question and mark it on your answer form. Use the following to answer Question 1: Table: Consumer Surplus This table shows some Atlanta college students' willingness to pay to see The Nutty Nutcracker by the Atlanta Ballet. Student Willingness to Pay Lois $100 Miguel 90 Narum 65 Oscar 50 Pat 15 1. If the box-office price of a ticket to see The Nutty Nutcracker is $50 and there is no other market for tickets, then total consumer surplus for the five students is: A) $105. B) $130. C) $270. D) $320. A ) B ) C ) D ) 2. When there is a bountiful harvest of grapefruit, total consumer surplus in the grapefruit market: A) will increase. B) will decrease. C) will remain the same. D) may change but we can't tell how. A ) B )
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C ) D ) 3. Along a given supply curve, a decrease in the price of a good will: A) increase producer surplus. B)
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quiz helpful for midterms and final (8) - Principles of...

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