113 review questions copy

3 units b 5 units c 7 units d 9 units 17 recall the

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Unformatted text preview: uilibrium quantity traded in this market is A. 3 units B. 5 units C. 7 units D. 9 units 17. Recall the data from Question 16 above. The equilibrium price is this market is between A. 500 and 550 B. 650 and 700 C. 850 and 900 D. 950 and 1000 18. Recall the data from Question 16 above. Social surplus at the equilibrium is A. 2050 B. 3150 C. 4250 D. 5500 19. Recall the data from Question 16 above. “Social surplus is maximized at the equilibrium”. True of false? A. True. B. False. 25 20. Partial equilibrium analysis is A. the analysis of markets that are only partly in equilibrium. B. the analysis of a subset of the markets in the economy. C. the analysis of markets that are partially – but not perfectly – competitive. D. None of the above. 26 Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. B D C D C D A B D B B B B C Social surplus is the difference between WTP and WTA on the items that are actually traded. There are four items traded, and the participants i...
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This document was uploaded on 03/03/2014.

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