Ch. 7

Refer to Figure 7-13. If the price of the good is $600, then producer surplus amounts to

$1,000

Refer to Figure 7-4. If the price of the good is $12, then consumer surplus is

$16

Refer to Figure 7-4. If the price of the good is $6, then consumer surplus is

$36

Refer to Figure 7-13. If the price of the good is $500, then producer surplus amounts to

$700

Refer to Table 7-7. If the market price is $1,000, the producer surplus in the market is

$750.

#40 The Curse of Crony Capitalism, says the US is where on the Corruptions Perception Index?

23

Refer to Figure 7-19. At equilibrium, total surplus is represented by the area

A+B+C+D+H+F.

Refer to Figure 7-2. When the price is P1, consumer surplus is

A+B+C.

According to lecture, which airplane cost the welfare of it's citizens $25 billion?

Airbus A380

Podcast #40 cites crony capitalism by the Trump administration with what company, relative to tariff reductions?

Apple

Refer to Table 7-7. If the price is $775, who would be willing to supply the product?

Catherine and Jackson

From the producer's point of view: "love your neighbor" is (_______) and "as you love yourself" is: (_______)

Consumer surplus, producer surplus

What produces the quantity of goods that maximizes the sum of consumer and producer surplus?

Free Markets

The first supplier to leave the market as the price gets lower is called the:

Marginal Supplier

According to lecture, as industries concentrate and have fewer suppliers, there is more:

Producer Surplus

Table 7-3 The only four consumers in a market have the following willingness to pay for a good: Buyer, Willingness to Pay: Carlos, $15 Quilana, $25 Wilbur, $35 Ming-la, $45 Refer to Table 7-3. If the market price for the good is $20, who will purchase the good?

Quilana, Wilbur, and Ming-la only

Milton Friedman asked Phil Donahue, where are you going to get these _______ to run your system?

angels

willingness to pay

measures the value that a buyer places on a good

In "The March of Foolish Things" Thomas Sowell says public schools are bad because:

they are not in a competitive market

The study of how the allocation of resources affects economic well-being is called

wellfare economics