17 Refer to Figure 7 17 If 10 units of the good are produced and sold then a

17 refer to figure 7 17 if 10 units of the good are

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____ 17. Refer to Figure 7-17. If 10 units of the good are produced and sold, then a. the marginal cost to sellers exceeds the marginal value to buyers. b. producer surplus is maximized. c. total surplus is minimized. d. the marginal value to buyers exceeds the marginal cost to sellers.
Figure 7-18 SupplyDemandBACHKQ1P1QuantityPrice____ 18. Refer to Figure 7-18. Buyers who value this good more than the equilibrium price are represented by which line segment?
____ 19. Refer to Figure 7-18. Buyers who value this good less than the equilibrium price are represented by which line segment?
____ 20. Refer to Figure 7-18.Sellers whose costs are less than the equilibrium price are represented by which line segment?
____ 21. Refer to Figure 7-18. Sellers whose costs are greater than the equilibrium price are represented by segment a. AC. b. CK. c. BC. d. CH.
____ 22. Refer to Figure 7-18. If the government mandated a price increase from P1 to a higher price, then
____ 23. Inefficiency exists in an economy when a good is
____ 24. The "invisible hand" refers to
____ 25. The "invisible hand" is a. used to describe the welfare system in the United States. b. a concept developed by Adam Smith to describe the virtues of free markets. c. a concept used by J.M. Keynes to describe the role of government in guiding the allocation of resources in the economy. d. a term used by some economists to characterize the role of government in an economy inevitable but invisible.
____

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