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Unformatted text preview: ld be ___________ and there would be excess ______________ in the market. a. 400, demand b. 400, supply c. 200, demand d. 200, supply e. none of the above Midterm One, Economics 101.007, Fall 2011 6 23. The buyer reservation price is the largest _______________ that consumers will be willing to pay for a given quantity transacted in the market. Graphically, it represents one point on the ____________ curve. a. dollar amount, production possibility b. dollar amount, supply c. dollar amount, demand d. utility, production possibility e. none of the above 24. ________________________ unemployment is the extra unemployment that occurs during recessions. a. Frictional b. Cyclical c. Structural d. Skilled e. none of the above 25. US National Park officials have announced that at the current $10 entry fee to our National Parks, the infrastructure in place (shelters, cabins, restaurants, trails) is insufficient to handle the flow of visitors. In addition, the National Park Service cannot afford to maintain the existing infrastructure with the revenue that the entry fee provides. Which of the following statements apply? a. The market for National Park visits is in equilibrium. b. There is excess demand for Park visits because the price is too low....
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