{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ch09 - CHAPTER 9 The Analysis of Competitive Markets...

Info icon This preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 9 The Analysis of Competitive Markets MULTIPLE CHOICE Section 9.1 Figure 9.1 easy 1. Refer to Figure 9.1. If the market is in equilibrium, the consumer surplus earned by the buyer of the 1st unit is a. $5.00 b. $15.00 c. $22.50 d. $40.00 easy 2. Refer to Figure 9.1. If the market is in equilibrium, the producer surplus earned by the seller of the 1st unit is moderate 3. Refer to Figure 9.1. If the market is in equilibrium, total consumer surplus is moderate 4. Refer to Figure 9.1. If the market is in equilibrium, total producer surplus is 52
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
CHAPTER 9 TEST BANK THE ANALYSIS OF COMPETITIVE MARKETS SIXTH EDITION easy 5. Refer to Figure 9.1. If the market is in equilibrium, total consumer and producer surplus is a. $0. b. $100. c. $800. d. $1200. e. $2000. easy 6. Refer to Figure 9.1. If the government establishes a price ceiling of $20, how many widgets will be sold? moderate 7. Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20, consumer surplus will moderate 8. Refer to Figure 9.1. Suppose the market is currently in equilibrium. If the government establishes a price ceiling of $20, producer surplus will easy 9. Refer to Figure 9.1. If the government establishes a price ceiling of $20, the resulting deadweight loss will be a. $0. b. $20. c. $30. d. $300. e. $600. easy 10. Refer to Figure 9.1. If the government establishes a price ceiling of $20, total consumer and producer surplus will be 53
Image of page 2
TEST BANK CHAPTER 9 SIXTH EDITION THE ANALYSIS OF COMPETITIVE MARKETS easy 11. Consumer surplus measures easy 12. When government intervenes in a competitive market by imposing an effective price ceiling, we would expect the quantity supplied to ______________ and the quantity demanded to ______________. easy 13. Producer surplus is measured as the a. area under the demand curve above market price. b. entire area under the supply curve. c. area under the demand curve above the supply curve. d. area above the supply curve up to the market price. easy
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern