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