Econ Test 2- Old Tests
At a given moment in time, suppose Charlie's Chocolate Factory is operating in a perfectly competitive market, is producing its profit-maximizing level of output, and is earning a positive economic profit. Over time, Charlie's production of chocolate will ______, everything else held constant
decrease
Suppose Mimi's Magic Marker Company operates in a perfectly competitive market and is producing its profit-maximizing level or output. Suppose further that at this level of production its average total cost of producing magic markers is $0.20, average variable cost is $0.15, and marginal revenue is $0.25. The market price of magic markers will _____, everything else held constant.
decrease
Suppose broccoli is an inferior good. Suppose further that national income is increasing. Economic surplus in the market for broccoli will _____, everything else held constant
decrease
Suppose broccoli is an inferior good. Suppose further that national income is increasing. Producer surplus in the market for broccoli will ____, everything else held constant
decrease
Suppose t-shirt buyers, but not sellers, expect the price of t-shirts to decrease next month. Economic surplus in the market for t-shirts will ______ today.
decrease
Suppose that apples are an inferior good. Suppose further that national income is increasing. Economic surplus in the apple market will _____, everything else held constant
decrease
Suppose that apples are an inferior good. Suppose further that national income is increasing. Producer surplus in the apple market will ______, everything else held constant
decrease
Suppose the price at which a monopolist is selling its output is $8 and the marginal revenue associated with the last unit of output sold is $7. Suppose further that the marginal cost of producing the last unit of output sold is $9. Which of the following actions should the non-price discriminating monopolist take to increase its profit?
decrease output and increase price
Suppose the government imposes an excise tax of $10 on a market. Suppose further that the price elasticity of demand for the good is 0.9 and the price elasticity of supply is 0.3. The price the sellers receive for the good will _____ by ____, everything else held constant
decrease; $7.50
Suppose the government imposes an excise tax of $10 on a market. Suppose further that the price elasticity of demand for the good is 1.5 and the price elasticity of supply is 3.5. The tax will cause the price the sellers receive for the good to _____ by _____ dollars, everything else held constant
decrease; 3
A firm switching from a single price to a price discrimination scheme in order to increase total revenue will _____ the price for the group of consumers with the relatively price elastic demand and ______ the price for the group of consumers with the relatively price inelastic demand.
decrease; increase
If a 3 percent decrease in price results in a 2 percent _____ in quantity supplied, it can be concluded, with certainty that supply is price _______
decrease; inelastic
Suppose a firm is producing five units of output and is selling them for $30 each. At its current level of output, the firm's average total cost equals $40 and its marginal cost from producing the fifth output is $25. Average total cost is ______ at the firm's current level of production.
decreasing
Suppose Jerry's Quarry is a firm selling building materials in a perfectly competitive market. At his current level of building stone production, Jerry's marginal cost is $49 and his marginal revenue is $47. If the market price of building stone is $47, Jerry can increase his profits by ______ his production of building stone and charging a price _____ $467, everything else held constant
decreasing; equal to
A monopolist faces a ____ demand curve and can sell ____ at any given price
downward-sloping; only a limited amount
The more a good is perceived as a luxury, everything else held constant, the more price ______ demand will be for it.
elastic
Suppose a grocery store advertises the following special: "This week only: 10% off and a free bag when you purchase 6 bottles or more of any 750 ml wine." With this offer, the store is
engaging in second-degree price discrimination
Suppose a parking garage has the following pricing schedule: 0-2 Hours, $5; 2-4 Hours, $10; 4-8 Hours, $15. With this pricing scheme, the garage is
engaging in the second-degree price discrimination
Recently I received a postcard in the mail from West Elm. The card read, "Charles! 20% off your entire purchase. Use the one-time-only promo code below when you check out online, or bring this card in to your local store. Hurry, offer ends October 31st!" With this offer, West Elm is
engaging in third-degree price discrimination
In the long run, a monopolist's average variable cost is ____ its average total cost
equal to
True or false: A well-maintained yard generates a positive externality because it increases the market value of the home.
false
In the case of a good that generates negative production externalities, the equilibrium quantity transacted in the market is ____ the socially optimal quantity
greater than
Suppose Marcy's Medical Machines is a monopolist and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost is $2500, average variable cost is $1600, and price is $2500. Marcy's accounting profit is ____ zero
greater than
Suppose that after an excise tax was imposed on laptop computers, the price buyers paid for laptops increased by $5. Suppose further that the price elasticity of demand for laptops is 1.7 and the price elasticity of supply for them is 1.2. It can be concluded with certainty that the amount of the excise tax was
greater than $10
Suppose Sophie's Salmon Shack is is a non-price discriminating monopolist and is producing its profit-maximizing level of output. Suppose further that at her current level of output, Sophie's average total cost of a kilo of salmon is $19, her average variable cost is $17, and her marginal revenue is $18. The price of the last kilo of salmon Sophie sold was
greater than $18
Suppose Alex's Melodica Shoppe is a non-price discriminating monopolist and is producing his profit- maximizing level of output. Suppose further that at his current level of output, Alex's average total cost is $300, his average fixed cost is $250, and his marginal revenue is $200. It can be concluded with certainty that the price of a melodica is ______ in the short run.
greater than $200
Suppose Bess's Hat Hut operates in a perfectly competitive market and is producing tis profit-maximizing level of output. Suppose further that at this level of production, Bess's average total cost is $50 and her price is $40. It can be concluded with certainty that Bess will shut down immediately if her average variable cost is ____, everything else held constant
greater than $40
It can be concluded with certainty that a monopolist's economic profits will be ____ zero in the long run
greater than or equal to
Suppose the rational and fashionable Federica saw a beautiful pair of Gucci boots in black leather that were priced at 995 euros and she bought them. It can be concluded with certainty that her economic surplus from buying the boots was
greater than or equal to 0 euros
In the case of positive consumption externalities, the social benefits is ___ than the private benefit and the equilibrium market quantity is _____ than the socially optimal quantity
greater; less
Suppose Bess's Hat Hut operates in a perfectly competitive market and is producing tis profit-maximizing level of output. Suppose further that at this level of production, Bess's average total cost is $50 and her price is $40. The profits of firms operating in the hat market will _____ everything else held constant
increase
Suppose Cara's Croissant Cookery operates in a perfectly competitive market and is producing its profit-maximizing level of output. At her current level of production, Cara's average fixed cost is $0.25, her average total cost is $0.90, and her marginal cost is $0.60. Over time in the situation above, profits in the croissant market will ______, everything else held constant.
increase
Suppose Ginger's Spice Company sells paprika in a perfectly competitive market and is producing her profit-maximizing level of output. Suppose further that at this level of production her average variable cost of producing one pound of paprika is $12, her average fixed cost is $6, and her marginal cost is $16. The price of paprika will _______, everything else held constant.
increase
Suppose at a given moment in time, a store producing its profit-maximizing level of output. Suppose further that the store experiences a decrease in its monthly rent. The rent decrease will cause the store's economic profit to _____ in the short run, everything else held constant.
increase
Suppose at a given point in time, Chez Rachael sells ratatouille in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production Rachael's average total cost of producing ratatouille is $10, her average variable cost is $8, and her marginal revenue is $11. Over time, the quantity of ratatouille transacted in the market will _____, everything else held constant
increase
Suppose labor costs in the soft drink industry decreases. Consumer surplus in the soft drink market will ____, everything else held constant.
increase
Suppose labor costs in the soft drink industry decreases. Economic surplus in the soft drink market will _______, everything else held constant
increase
Suppose worker productivity increases in the envelope market. Economic surplus in the envelope market will ____, everything else held constant
increase
Suppose, at a given point in time, Chex Rachel sells ratatouille in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production, Rachel's average total cost of producing ratatouille is $10, her average fixed cost is $7, and her marginal revenue is $6. Over time, the equilibrium market price of ratatouille will _____, everything else held constant
increase
Suppose Holly's House of Hobbies is a profit-maximizing firm selling craft materials in a perfectly competitive market. At its current level of bead production, Holly's has marginal cost equal to $4.70. If the market price of beads is $4.90, Holly's House should
increase its production of beads
For a profit-maximizing firm, the goals of advertising campaign are to _____ demand for the company's product and make it more price _______
increase; inelastic
Suppose an excise tax is placed on a good for which the price elasticity of demand is 3.5 and the price elasticity of supply is 1.5. The imposition of the excise tax will cause the price buyers pay for good to ____ by ____ than the price sellers receive ____, everything else held constant
increase; less; decreases
Suppose Jenny's price elasticity of demand for bacon is 1.5. If the quality of bacon Jenny demands has decreased by 30 percent as the result of a change in price, then it can be concluded with certainty that the price of bacon must have _____ by ____ percent, everything else held constant.
increased; 20
Suppose the federal government decreases its excise tax on gasoline by 3 cents per gallon. Suppose further that the price sellers receive for gasoline is 1 cent per gallon higher after the tax cut than it was before. It can be concluded with certainty that the demand for gasoline is relatively more price ______ than the supply of gasoline is, everything else held constant.
inelastic
In the short run, a firm operating in a perfectly competitive market will earn accounting profits equal to
its economic profits plus its implicit costs
The greater the amount of an excise tax, everything else held constant, the ____ the deadweight loss will be from the tax. The more price elastic demand is, everything else held constant, the ____ the deadweight loss will be from a given excise tax
larger; larger
Suppose Frank is a monopolist in the garden gnome market and is producing his profit-maximizing level of output. Suppose further that at this level of production his average total cost is $150, his average variable cost is $130, and the price of one of his gnomes is $150. Frank's marginal cost is _____ $150.
less than
Suppose Marcy's Medical Machines operates in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost is $2500, average variable cost is $2300, and marginal revenue is $2800. Marcy's production of medical machines in the long run will be _____ it was in the short run, everything else held constant.
less than
Suppose a firm is producing five units of output and is selling them for $30 each. At its current level of output, the firm's average total cost equals $40 and its marginal cost from producing the fifth output is $25. The firm's economic profit is _____ zero at its current level of production.
less than
Suppose that after an excise tax was imposed on laptop computers, the price buyers paid for laptops increased by $5. Suppose further that the price elasticity of demand for laptops is 1.7 and the price elasticity of supply for them is 1.2. The price laptop sellers received after the excise tax was imposed was _____ it was before the tax, everything else held constant.
less than
uppose Marcy's Medical Machines is a monopolist and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost is $2500, average variable cost is $1600, and price is $2500. The marginal cost of the last medical machine Marcy produced was _____ $2500.
less than
Suppose a museum offers a 50 percent discount on admission prices to college students. Suppose further that college students have a price elasticity of demand of 2.0 for visiting the museum. For this pricing scheme to benefit the museum, the price elasticity of demand of non-college students (who did not receive the discount) must be _____, everything else held constant.
less than 2.0
In the case of negative production externalities, the private cost is _____ than the social cost and the socially optimal quality is ____ than the equilibrium market quantity.
less; less
Suppose at a given point in time, Chez Rachael sells ratatouille in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production Rachael's average total cost of producing ratatouille is $10, her average variable cost is $8, and her marginal revenue is $11. In the short run, Rachael should
maintain her current level of production since she is earning a positive economic profit
Suppose, at a given point in time, Chex Rachel sells ratatouille in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production, Rachel's average total cost of producing ratatouille is $10, her average fixed cost is $7, and her marginal revenue is $6. In the short run, Rachel should
maintain her current level of production since she is minimizing her losses
In the long run, a market controlled by a non-price discriminating monopolist will generate ____ producer surplus and ____ economic surplus than if the same market were perfectly competitive, everything else held constant
more; less
Suppose that Roberto produces leather jackets in Firenze and discovers that the price elasticity of demand for his jackets is equal to 2.25. In order to increase his total revenue, Roberto should produce ______ jackets and charge a ______ price for them, everything else held constant.
more; lower
A perfectly competitive market will generate _____ consumer surplus and _____ economic surplus than if the same market were controlled by a non-price discriminating monopolist, everything else held constant.
more; more
As opposed to a non-price discriminating monopolist, an effective price discriminating monopolist produces _____ output and earns ______ economic profit.
more; more
The market failure associated with common resources is that too _____ of the common resource will be _____ than is socially optimal
much; consumed
Suppose Ginger's Spice Company sells paprika in a perfectly competitive market and is producing her profit-maximizing level of output. Suppose further that at this level of production her average variable cost of producing one pound of paprika is $12, her average fixed cost is $6, and her marginal cost is $16. Ginger's economic profit is
negative
A Pigovian tax is designed to correct the market failure resulting from
negative externalities
A Public Radio broadcast is similar to a university economics lecture in that it is _____ in consumption, but is also similar to national defense in that it is ____.
non rival; non excludable
A good that is ______ and non-rival in consumption is _____
non-excludable; a public good
A good that is excludable and ____ in consumption is ____
non-rival; a private good
A good that is excludable and ____ in consumption is ________
non-rival; an artificially scarce good
Suppose a firm operating in a perfectly competitive market is producing its profit-maximizing level of output when it experiences an increase in its fixed costs. Everything else held constant, the firm will respond to the change in fixed costs by _____ the amount it produces in the short run
not changing
Suppose a profit-maximizing, non-price discriminating monopolist experiences a decrease in its fixed costs. Everything else held constant, the monopolist will respond by _______ the amount it produces in the short run.
not changing
Suppose at a given moment in time, a store producing its profit-maximizing level of output. Suppose further that the store experiences a decrease in its monthly rent. The profit-maximizing store will respond to the rent decrease by ____ its level of output in the short run, everything else held constant.
not changing
Consider the following offer: an all-you-can-eat buffet charges $12 per person, but allows children under 10 years of age to dine for free. This pricing scheme is an example of _______-degree price discrimination
third
Rational Bob is a wheat farmer but also likes to give fiddle lessons. One spring day, Bob faces a choice: spend ten hours planting wheat or spend ten hours giving fiddling lessons. Suppose Farmer Bob charges $30 per hour for his fiddle lessons. Suppose further that, in ten hours, Bob can plant $2500 worth of seeds that he expects will yield $2850 worth of wheat. (Assume there are no other costs involved with either activity.) Bob's explicit cost of spending ten hours giving fiddling lessons is
$0
Suppose a firm producing one unit of output has variable costs equal to $20 and total cost equal to $30. The firm's total cost of producing zero units of output is
$10
Suppose Tim's friend, Al, owns a donut shop. Al plays his employees $80,000 per year and his inventory costs him $20,000 per year. Prior to running the donut shop, Al was Tim's sidekick on a television show and earned $50,000 per year. (Assume these are the only costs Al faces.) Al's explicit cost of running his shop for a year is _____ and his economic cost for a year is ______
$100,000; $150,000
Suppose a firm producing one unit of output has variable costs equal to $20 and total cost equal to $30. The firm's marginal cost of producing the first unit of output is
$20
Suppose Sally is considering opening her own vegan bakery/juice bar. To do so, she would have to quit her current job, which pays $60,000 per year, and take over a store building she owns and currently rents to her brother, Cody, for $40,000 per year. Her expenses at the bar would be $20,000 per year for utilities and $180,000 per year for supplies and labor. Sally's expected total revenue from the bar is $260,000 per year. Sally's explicit cost from the vegan bakery/juice bar is _____ per year
$200,000
Suppose Mary's Melodica Shoppe is a non-price discriminating monopolist and is producing its profit-maximizing level of output. Suppose further that at her current level of output, Mary's average total cost is $300, her average variable cost is $150, and her marginal cost is $250. The marginal revenue from the last melodica Mary sold was
$250
Suppose Matthew is considering opening his own sushi bar. To do so, he would have to quit his current job, which pays $20,000 per year, and take ove ra store building he owns and currently rents to his brother, Michael, for $6,000 per year. His expenses at the sushi bar would be $50,000 per year for food and $2,000 per year for utilities. Given this information, what are Matthew's implicit costs for running the sushi bar for the year?
$26,000
Suppose, at a given point in time, Stephanie's Soda Fountain sells ice cream in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost of producing ice cream is $3.30, average variable cost is $2.50, and marginal cost is $3.30. In the short run, the price Stephanie sold her last unit of ice cream for was
$3.30
Suppose Sally is considering opening her own vegan bakery/juice bar. To do so, she would have to quit her current job, which pays $60,000 per year, and take over a store building she owns and currently rents to her brother, Cody, for $40,000 per year. Her expenses at the bar would be $20,000 per year for utilities and $180,000 per year for supplies and labor. Sally's expected total revenue from the bar is $260,000 per year. Sally's expected economic profit from running the vegan bakery/juice bar is ____ per year.
-$40,000
At the beginning January 2013 Beasil decided to convert his warehouse, from which he earned a steady annual accounting profit of $100,000 into a hotel. Renovations cost $50,000, furniture and other materials cost $175,000, and labor and utilities cost $125,000. (Assume these were his only costs in 2013.) Basil earned total revenues of $400,000 from the hotel in 2013. Basil's economic profit from the hotel in 2013 was
-$50,000
Suppose Barbra decides to go fishing at Silver Lake on her day off from work, but she faces a choice: she can fish the north, south, or east side of the lake. Her expected catch for the day is as follows: 6 fish on the north side, 5 fish on the south side, or 3 fish on the east side. Everything else held constant, Barbra's consumer surplus from fishing the south side of the lake is ____ fish.
-1
Suppose Remus decided to go fishing at Lake Pescaccio on his day off from work, but he faces a choice: he can fish the east, south, or west side of the lake. His expected catch for the day is as follows: 5 fish on the east side, 3 fish on the south side, or 4 fish on the west side. Everything else held constant, Remus' consumer surplus from fishing the west side of the lake is ____ fish
-1
At the beginning January 2013 Beasil decided to convert his warehouse, from which he earned a steady annual accounting profit of $100,000 into a hotel. Renovations cost $50,000, furniture and other materials cost $175,000, and labor and utilities cost $125,000. (Assume these were his only costs in 2013.) Basil earned total revenues of $400,000 from the hotel in 2013. Basil's implicit cost from the hotel in 2013 was
100,000
Suppose the government imposes an excise tax of $10 on a market. Suppose further that the price elasticity of demand for the good is 0.9 and the price elasticity of supply is 0.3. The amount of the tax borne by buyers will be _____ percent.
25
Suppose the federal government decreases its excise tax on gasoline by 3 cents per gallon. Suppose further that the price sellers receive for gasoline is 1 cent per gallon higher after the tax cut than it was before. The price buyers pay for gasoline will be ____ cents per gallon ______ after the tax cut than it was before, everything else held constant
2; lower
Suppose an excise tax is placed on a good for which the price elasticity of demand is 3.5 and the price elasticity of supply is 1.5. The buyers will bear ____ percent of the burden of the tax, everything else held constant.
30
Suppose the government imposes an excise tax of $10 on a market. Suppose further that the price elasticity of demand for the good is 1.4 and the price elasticity of supply is 0.6. The amount of the tax borne by buyers will be _____ percent, everything else held constant.
30
Suppose labor costs in the soft drink industry decreases. Producer surplus in the soft drink market will ______, everything else held constant.
Be ambiguous
Suppose Marcy's Medical Machines operates in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost is $2500, average variable cost is $2300, and marginal revenue is $2800. The equilibrium price of medical machines will _____, everything else held constant.
Decrease
Which of the following is NOT true for a firm operating in a perfectly competitive market and producing its maximizing level of output?
In the long run, average total cost is greater than average variable cost
Suppose the price at which a monopolist is selling his output is $8, and the marginal revenue associated with the last unit of output sold is $7. Suppose further that the marginal cost of producing the last unit of output sold is $6. Which of the following actions should the non-price discriminating monopolist take to increase its profits?
Increase output and decrease price
A firm switching from a single price to a price discrimination scheme in order to increase total revenue will _____ the price for the group of consumers with the relatively price inelastic demand and ______ the price for the group of consumers with the relatively price elastic demand.
Increase; decrease
Suppose Marcy's Medical Machines operates in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average total cost is $2500, average variable cost is $2300, and marginal revenue is $2800. At this point in time, Marcy should ______, everything else held constant.
Maintain her current level of production since she is earning a positive economic profit
Suppose Frank is a monopolist in the garden gnome market and is producing his profit-maximizing level of output. Suppose further that at this level of production his average total cost is $150, his average variable cost is $130, and the price of one of his gnomes is $150. Frank should _____, everything else held constant.
Maintain his current level of production since his economic profit is zero
Suppose, at a given point in time, Sally's Smoothie Shack operates in a perfectly competitive market and is producing its profit-maximizing level of output. Suppose further that at this level of production its average fixed cost of producing a smoothie is $1.30, average variable cost is $2.50, and marginal cost is $3.60. At this moment Sally is earning ______ economic profits. Over time, everything else held constant, the quality of smoothies transacted in the market will _____.
Negative; decrease
Rational Bob is a wheat farmer but also likes to give fiddle lessons. One spring day, Bob faces a choice: spend ten hours planting wheat or spend ten hours giving fiddling lessons. Suppose Farmer Bob charges $30 per hour for his fiddle lessons. Suppose further that, in ten hours, Bob can plant $2500 worth of seeds that he expects will yield $2850 worth of wheat. (Assume there are no other costs involved with either activity.) Bob will spend the day at which activity?
Planting wheat
_____ will bear the entire burden of an excise tax if ____ is perfectly _______.
Sellers; demand; elastic
______ will bear the entire burden of an excise tax if _____ is perfectly _______.
Sellers; supply; inelastic
Suppose Cara's Croissant Cookery operates in a perfectly competitive market and is producing its profit-maximizing level of output. At her current level of production, Cara's average fixed cost is $0.25, her average total cost is $0.90, and her marginal cost is $0.60. Cara should ______, everything else held constant.
Shut down immediately
All of the following are characteristics of a perfectly competitive market EXCEPT which? a) Firms are price takers b) The goods sold in the market are differentiated c) Firms face no barriers to entering or exiting the market d) There are many buyers purchasing goods in the market e) All of the firms selling goods in the market are small relative to the size of the market
The goods sold in the market are differentiated
True or False. A firm's implicit cost of producing a good is the accounting profit it would have earned by pursuing its best alternative activity.
True
Suppose Ginger's Spice Company sells paprika in a perfectly competitive market and is producing her profit-maximizing level of output. Suppose further that at this level of production her average variable cost of producing one pound of paprika is $12, her average fixed cost is $6, and her marginal cost is $16. There will be _____ in the number of sellers of paprika, everything else held constant.
a decrease
An undergraduate degree from LSU is an example of
a public good
Suppose Alex's Melodica Shoppe is a non-price discriminating monopolist and is producing his profit- maximizing level of output. Suppose further that at his current level of output, Alex's average total cost is $300, his average fixed cost is $250, and his marginal revenue is $200. Alex's economic profit is _____ in the short run.
ambiguous
Suppose Mary's Melodica Shoppe is a non-price discriminating monopolist and is producing its profit-maximizing level of output. Suppose further that at her current level of output, Mary's average total cost is $300, her average variable cost is $150, and her marginal cost is $250. Mary's economic profit is ____ in the short run
ambiguous
Suppose Sophie's Salmon Shack is is a non-price discriminating monopolist and is producing its profit-maximizing level of output. Suppose further that at her current level of output, Sophie's average total cost of a kilo of salmon is $19, her average variable cost is $17, and her marginal revenue is $18. Sophie's economic profit is ____ in the short run.
ambiguous
A screening of a movie at the local cineplex is an example of
an artificially scarce good
When marginal cost is less than the average total cost at a particular level of output
average total cost must be decreasing
When average total cost is less than marginal cost at a particular level of output,
average total cost must be increasing
Suppose t-shirt buyers, but not sellers, expect the price of t-shirts to decrease next month. Consumer surplus in the market for t-shirts will _____ today.
be ambiguous
Suppose worker productivity increases in the envelope market. Producer surplus in the envelope market will _____, everything else held constant.
be ambiguous
An excise tax will be divided so that the ______ will bear the entire burden of the tax if _____ is perfectly _____.
buyers; demand; inelastic
Suppose that when Peg produces ten jewelry boxes her average total cost equals $150. Suppose further that when Peg produced an eleventh box her average total cost increased. It can be concluded with certainty that the marginal ____ of the eleventh box was _____ $150.
cost; greater than
