Which of the following is descriptive of the law of

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170. Which of the following is descriptive of the law of diminishing marginal utility? a. The third hamburger consumed provides less utility than the second hamburger consumed. b. The third hamburger is priced higher than the first hamburger. c. As price falls, quantity demanded rises, ceteris paribus .
d. The price of a good rises as the costs of producing that good rise. e. none of the above ANSWER: a 171. Economists state that the __________ utility a person receives from a unit of a good, the __________ the price he or she is willing to pay for it. e
172. If the U.S. government imposes a more restrictive import quota on Japanese video gaming systems, the ____________ curve for Japanese video gaming systems in the U.S. will shift ___________. a
173. If the price a buyer pays for a good is $50 and the maximum price she would be willing and able to pay is $53, then ____________ is _______________. c
174. If consumers’ surplus is $30 and the price paid for the good is $50, then the maximum price a buyer is willing and able to pay for the good is a. $80. b. $30. c. $50. d. $20. e. There is not enough information to answer the question. ANSWER: a
175. If the maximum price a person is willing and able to pay for a good is $50, and consumers’ surplus is $20, then it follows that the price the buyer paid for the good is d
176. What is the definition of producers’ surplus? c
177. If the producers’ surplus is $50, and the consumers’ surplus is $40, then what is the minimum selling price of the good? e
178. One can determine producers’ surplus if the minimum selling price and the _____________ are known. a. price received b. price paid c. tax paid d. tax received e. a and c ANSWER: a
179. One can determine the consumers’ surplus if the _______________ are known d

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