Econ 211 quiz 2 answers

Econ 211 quiz 2 answers - Econ 211 Spring 2008 Patrick...

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Page 1 of 3 Spring 2008 Quiz 2 Patrick McLaughlin Quiz 2: Choose the correct answer to each question and fill in the corresponding bubble on your answer sheet. There is only one answer to each question. There are 14 questions total; you have until the end of the period to finish. Good luck. Questions 1 – 4 are based on the following graph: 1. Assume this graph shows a market equilibrium that maximizes gains from trade (i.e. that maximizes consumer surplus plus producer surplus). What is the price and quantity if this is true? A. P3, Q1 B. P2, Q2 C. P1, Q3 D. P1, Q1 E. P3, Q3 2. Again, assume the graph shows a market in a gains from trade maximizing equilibrium. What area represents consumer surplus? A. A + B + C + D + E + F B. A + B + C + D + E C. A + B + C D. D + E + F E. None of the above 3. Again, assume the graph shows a market in a gains from trade maximizing equilibrium. What area represents producer surplus? A. A + B + C + D + E + F B. A + B + C + D + E C. A + B + C D. D + E + F E. None of the above 4. Total revenue in the above graph, when in a gains from trade maximizing equilibrium, would be equal to which of the following areas? A. A + B + C
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This test prep was uploaded on 04/09/2008 for the course ECON 211 taught by Professor Johnson during the Spring '07 term at Clemson.

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Econ 211 quiz 2 answers - Econ 211 Spring 2008 Patrick...

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