Quiz 3 - • Question 1 7 out of 7 points Exhibit 3-10...

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Unformatted text preview: • Question 1 7 out of 7 points Exhibit 3-10 Refer to Exhibit 3- 10. If the price is $30, Answer Selected Answer: d. a and b • Question 2 7 out of 7 points Jerry has $50,000 in his savings account and the average new car price is $23,000. Will Jerry buy a new car? Answer Selected Answer: • Question 3 7 out of 7 points At a price above the equilibrium price, there is Answer Selected Answer: b. a surplus. • Question 7 7 out of 7 points As Jamal's income rises, his demand for DVD rentals does not change. It follows that, for Jamal, DVD rentals are a(n) Answer Selected Answer: a. neutral good. • Question 9 7 out of 7 points Exhibit 3-10 Refer to Exhibit 3- 10. If the price is $10, Answer Selected Answer: • Question 10 7 out of 7 points Exhibit 3-8 Refer to Exhibit 3- 8. Equilibrium price and quantity are Answer Selected Answer: d. $3 and 15 units. • Question 11 7 out of 7 points Exhibit 3-14 Price of Good X $10 11 12 13 14 15 Refer to Exhibit 3- 14. At a price of $12, there is a ____________ unit ____________ of good X. Answer Selected Answer: d. 20; shortage • Question 12 7 out of 7 points Exhibit 3-1 Refer to Exhibit 3- 1. Equilibrium price and quantity are Answer Selected Answer: • Question 13 7 out of 7 points What is the definition of producers’ surplus? Answer Selected Answer: • Question 14 7 out of 7 points Exhibit 3-14 Price of Good X $10 11 12 13 14 15 Refer to Exhibit 3- 14. At a price of $11, there is a ____________ unit ____________ of good X. Answer Selected Answer: a. 40; shortage • Question 15 7 out of 7 points Exhibit 3-13-----------------------------Quantity Demanded------------------------------------- Price $5 6 7 8 9 10 Assume that Jose, Kaitlyn, Leah, and Maria are the only buyers in this market. Refer to Exhibit 3- 13. Fill in blanks (A) and (B) respectively with the market quantity demanded at each given price. Answer Selected Answer: d. 78; 66 • Question 1 7 out of 7 points Exhibit 3-12-----------------------------Quantity Supplied -------------------------------------- Price $6 7 8 9 10 11 Assume that Aline, Bentley, Calvin, and David are the only sellers in this market....
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