Verchuur

When the price of a product increases, the source of the increase in producer surplus is: the decrease in costs due to the higher product price. only the new sellers who were not willing to sell at a lower price. only the increase in surplus of the sellers who were willing to sell at the original price. the increase in surplus of the original sellers as well as the increase in surplus of the new sellers.

the increase in surplus of the original sellers as well as the increase in surplus of the new sellers.

The table shows the individual sellers' costs of selling a three-course taco dinner. A table titled Seller's Cost is shown with two columns and five rows. The data for Name and Cost reads as follows: Alberto's - 5 dollars; Burrito Boy's - 10 dollars; Taco Loco - 15 dollars; El Indino - 21 dollars; Manuela's - 25 dollars. If the price of a dinner is $15, how many vendors will sell taco dinners? one three four two

three

True or False: When a market is efficient, there is no way to make some people better off without making other people worse off. This is _____. false true

true

The table shows the individual seller costs of selling Krispy Kreme Doughnuts for a fundraiser. A table titled Seller's Costs for Krispy Kreme Doughnuts is shown with two columns and five rows. The data for Names and Cost reads as follows: Alpha Chi Omega - 2 dollars; Sigma Chi - 5 dollars; Beta Theta Pi - 8 dollars; Alpha Kappa Alpha - 10 dollars; Sigma Mu Omega - 13 dollars. If the price is $9, Sigma Mu Omega's producer surplus is: $0. $4. $7. $45.

$0

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. This market is efficient when the price is: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices $15.00. $10.00. $7.50. $2.50.

$10.00

Suppose that the demand schedule for hours of tutoring in economics is shown below. A graph titled Market for Tutoring is shown with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. A curve with a negative slope is plotted on the graph which starts at the origin, 25 dollars and ends at 400 hours of tutoring per week at 5 dollars. The following coordinates are also denoted on the curve: (100 hours on quantity, 20 dollars); (200 hours on quantity, 15 dollars); and (300 hours on quantity, 10 dollars). If the price of an hour of tutoring is $10, total consumer surplus is: $10. $2,250. $4,500. $3,000.

$2,250

The table shows the individual sellers' costs of selling a three-course taco dinner. A table titled Seller's Cost is shown with two columns and five rows. The data for Name and Cost reads as follows: Alberto's - 5 dollars; Burrito Boy's - 10 dollars; Taco Loco - 15 dollars; El Indino - 21 dollars; Manuela's - 25 dollars. If the price of a dinner is $10, Alberto's producer surplus is: $0. $5. $10. $15.

$5 The producer surplus the net gain to an individual seller from selling a good. It is equal to the difference between the price received and the seller's cost.

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. If the price increases from equilibrium at $10 to $20, total surplus for the market will decrease by, in numerals, $_____.

1,500

The table shows fans' willingness to pay for Miley Cyrus tickets. A table titled Miley Cyrus Tickets is shown with two columns and five rows. The data for Name and Willingness to pay reads as follows: Krissie - 200 dollars; Tami - 150 dollars; Cindi - 120 dollars; Barbie - 100 dollars; Bobbie - 80 dollars. If the price of a ticket decreases from $160 to $110, consumer surplus will increase by, in numerals, $_____.

100

Each customer's willingness to pay for a designer scarf is presented in the following table. A table titled Willingness to Pay for a Scarf is shown with two columns and five rows. The data for Name and Willingness to ay reads as follows: Megan - 2,000 dollars; Krista - 1,800 dollars; Bridget - 1,600 dollars; Emily - 1,000 dollars; Heidi - 500 dollars. Emily expects to receive, in numerals, $_____ of benefit from purchasing a scarf.

1000

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. Suppose that Ana is willing to pay $20 for an hour of tutoring, but Jim is willing to pay only $5 for an hour of tutoring. If Ana has to give up her hour and give it to Jim, consumer surplus will decrease by, in numerals, $_____.

15

Suppose that the willingness to pay of several fans for Duck football tickets is shown in the following table. A table titled Willingness to Pay for Football Tickets is shown with two columns and five rows. The data for Name and Willingness to ay reads as follows: Brad - 70 dollars; Angelina - 65 dollars; Claudia - 55 dollars; Bonnie - 40 dollars; Jen - 35 dollars. If the price of a ticket is $60, _____ tickets will be purchased.

2

Suppose that the demand schedule for hours of tutoring in economics is shown in the graph. A graph titled Market for Tutoring is shown with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. A curve with a negative slope is plotted on the graph which starts at the origin, 25 dollars and ends at 400 hours of tutoring per week at 5 dollars. The following coordinates are also denoted on the curve: (100 hours on quantity, 20 dollars); (200 hours on quantity, 15 dollars); and (300 hours on quantity, 10 dollars). If the price of tutoring decreases from $20 to $10, the consumer surplus of the new buyers is, in numerals, $_____.

2,000

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. If the price increases from equilibrium at $10 to $20, consumer surplus for the market will decrease by, in numerals, $_____.

2000

Each customer's willingness to pay for a designer scarf is presented in the table below. A table titled Willingness to Pay for a Scarf is shown with two columns and five rows. The data for Name and Willingness to pay reads as follows: Megan - 2,000 dollars; Krista - 1,800 dollars; Bridget - 1,600 dollars; Emily - 1,000 dollars; Heidi - 500 dollars. If the price of a scarf decreases from $1,800 to $1,000, consumer surplus will increase by, in numerals, $_____.

2200

Suppose that the demand schedule for hours of tutoring in economics is shown in the graph. A graph titled Market for Tutoring is shown with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. A curve with a negative slope is plotted on the graph which starts at the origin, 25 dollars and ends at 400 hours of tutoring per week at 5 dollars. The following coordinates are also denoted on the curve: (100 hours on quantity, 20 dollars); (200 hours on quantity, 15 dollars); and (300 hours on quantity, 10 dollars). If the price of tutoring decreases from $20 to $15, the consumer surplus of the new buyers is, in numerals, $_____.

250

The table shows the individual seller costs of selling Krispy Kreme Doughnuts for a fundraiser. A table titled Seller's Costs for Krispy Kreme Doughnuts is shown with two columns and five rows. The data for Names and Cost reads as follows: Alpha Chi Omega - 2 dollars; Sigma Chi - 5 dollars; Beta Theta Pi - 8 dollars; Alpha Kappa Alpha - 10 dollars; Sigma Mu Omega - 13 dollars. If the price increases from $8 to $13, the producer surplus of the new sellers is (in a numeral/numerals) $_____.

3

The graph shows the schedule for hours of tutoring in economics. A graph shows a supply curve with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The following points are mentioned in the curve: (100 hours on quantity, 5 dollars on price), (300 hours on quantity, 10 dollars on price), (500 hours on quantity, 15 dollars on price), (700 hours on quantity, 20 dollars on price), and (900 hours on quantity, 25 dollars on price). If the price of tutoring increases from $5 to $15, producer surplus increases by, in numerals, $_____.

3000

The graph shows the schedule for hours of tutoring in economics. A graph shows a supply curve with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The following points are mentioned in the curve: (100 hours on quantity, 5 dollars on price), (300 hours on quantity, 10 dollars on price), (500 hours on quantity, 15 dollars on price), (700 hours on quantity, 20 dollars on price), and (900 hours on quantity, 25 dollars on price). If the price of tutoring increases from $5 to $15, producer surplus of the new sellers is, in numerals, $_____.

3000

The graph shows the schedule for hours of tutoring in economics. A graph shows a supply curve with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The following points are mentioned in the curve: (100 hours on quantity, 5 dollars on price), (300 hours on quantity, 10 dollars on price), (500 hours on quantity, 15 dollars on price), (700 hours on quantity, 20 dollars on price), and (900 hours on quantity, 25 dollars on price). If the price of tutoring is $15 per hour, total producer surplus is, in numerals, $_____.

3125

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease by, in numerals, $_____.

375

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. If the price increases from equilibrium at $10 to $15, total surplus for the market will decrease by, in numerals, $_____. Please type the correct answer in the following input field, and then select the submit answer button or press the enter key when finished.

375

Suppose that the demand schedule for hours of tutoring in economics is shown below. A graph titled Market for Tutoring is shown with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. A curve with a negative slope is plotted on the graph which starts at the origin, 25 dollars and ends at 400 hours of tutoring per week at 5 dollars. The following coordinates are also denoted on the curve: (100 hours on quantity, 20 dollars); (200 hours on quantity, 15 dollars); and (300 hours on quantity, 10 dollars). If the price of an hour of tutoring is $5, total consumer surplus is, in numerals, $_____.

4000

The table shows the individual sellers' costs of selling a three-course taco dinner. A table titled Seller's Cost is shown with two columns and five rows. The data for Name and Cost reads as follows: Alberto's - 5 dollars; Burrito Boy's - 10 dollars; Taco Loco - 15 dollars; El Indino - 21 dollars; Manuela's - 25 dollars. If the price of a dinner is $10, total producer surplus is, in numerals, $_____.

5

Suppose that the willingness to pay of several fans for Duck football tickets is shown in the table below. A table titled Willingness to Pay for Football Tickets is shown with two columns and five rows. The data for Name and Willingness to pay reads as follows: Brad - 70 dollars; Angelina - 65 dollars; Claudia - 55 dollars; Bonnie - 40 dollars; Jen - 35 dollars. If the price of a ticket increases from $40 to $60, consumer surplus will decrease by, in numerals, $_____.

55

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. If the price increases from equilibrium at $10 to $15, consumer surplus for the market will decrease by, in numerals, $_____. (Do not include the dollar sign in your answer.)

750 Find consumer surplus when the price is $10 and when the price is $15. Then minus the two numbers to figure out how much consumer surplus will decrease by.

The table shows the individual sellers' costs of selling a three-course taco dinner. A table titled Seller's Cost is shown with two columns and five rows. The data for Name and Cost reads as follows: Alberto's - 5 dollars; Burrito Boy's - 10 dollars; Taco Loco - 15 dollars; El Indino - 21 dollars; Manuela's - 25 dollars. If the price of a dinner increases from $6 to $12, total producer surplus increases by, in numerals, $_____.

8

The table shows the individual sellers' costs of selling a three-course taco dinner. A table titled Seller's Cost is shown with two columns and five rows. The data for Name and Cost reads as follows: Alberto's - 5 dollars; Burrito Boy's - 10 dollars; Taco Loco - 15 dollars; El Indino - 21 dollars; Manuela's - 25 dollars. If the price of a dinner increases from $18 to $25: Alberto's producer surplus increases by $7. Alberto's producer surplus decreases by $7. Alberto's producer surplus is not affected. Alberto is no longer willing to sell a dinner because his cost is higher than the price.

Alberto's producer surplus increases by $7

Each customer's willingness to pay for a designer scarf is presented in the following table. A table titled Willingness to Pay for a Scarf is shown with two columns and five rows. The data for Name and Willingness to pay reads as follows: Megan - 2,000 dollars; Krista - 1,800 dollars; Bridget - 1,600 dollars; Emily - 1,000 dollars; Heidi - 500 dollars. True or False: If the price if a scarf is $1,000, four scarves will be purchased. This is _____. false true

True

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. If the price decreases from $10 to $5, producer surplus for the market: decreases by $125. decreases by $1,000. decreases by $2,500. decreases by $2,750.

decreases by $1,000

Each customer's willingness to pay for a designer scarf is presented in the table below. A table titled Willingness to Pay for a Scarf is shown with two columns and five rows. The data for Name and Willingness to pay reads as follows: Megan - 2,000 dollars; Krista - 1,800 dollars; Bridget - 1,600 dollars; Emily - 1,000 dollars; Heidi - 500 dollars. True or False: If the price of a scarf increases from $1,000 to $1,600, consumer surplus will decrease by $600. This is _____. true false

false

The equilibrium quantity of a good is total surplus. This is _____. true false

false

The graph shows the schedule for hours of tutoring in economics. A graph shows a supply curve with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The following points are mentioned in the curve: (100 hours on quantity, 5 dollars on price), (300 hours on quantity, 10 dollars on price), (500 hours on quantity, 15 dollars on price), (700 hours on quantity, 20 dollars on price), and (900 hours on quantity, 25 dollars on price). True or False: If the price of tutoring is $5 per hour, total producer surplus is $500. This is _____. Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices false true

false

The table shows the individual sellers' costs of selling a three-course taco dinner. A table titled Seller's Cost is shown with two columns and five rows. The data for Name and Cost reads as follows: Alberto's - 5 dollars; Burrito Boy's - 10 dollars; Taco Loco - 15 dollars; El Indino - 21 dollars; Manuela's - 25 dollars. True or False: If the price of a dinner decreases from $20 to $5, total producer surplus decreases by $15. This is _____. false true

false

True or False: The market is inefficient if there are no opportunities to make some people better off without making others worse off. This is _____. true false

false

True or False: When there are some missed opportunities where some people could be made better off without making other people worse off, the market is efficient. This is _____. true false

false

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. Your friend proposes that 400 hours of tutoring should be sold to help more students and this would improve the outcome. This is: incorrect because this creates a loss in total surplus. correct because we always want to help more people. incorrect because producers do not want to sell 400 hours. correct because this market is efficient if you sell 400 hours.

incorrect because this creates a loss in total surplus

Each customer's willingness to pay for a designer scarf is presented in the table below. A table titled Willingness to Pay for a Scarf is shown with two columns and five rows. The data for Name and Willingness to pay reads as follows: Megan - 2,000 dollars; Krista - 1,800 dollars; Bridget - 1,600 dollars; Emily - 1,000 dollars; Heidi - 500 dollars. If the price of a scarf decreases from $2,000 to $500, consumer surplus will _____ by $_____. increase; 2,500 decrease; 1,500 increase; 4,400. increase; 1,500

increase; 4,400

The graph shows the schedule for hours of tutoring in economics. A graph plots demand and supply curves with Quantity (hours of tutoring per week) along the horizontal axis and Price (per hour of tutoring) along the vertical axis. The supply curve starts at 2.50 dollars on price and has a positive slope. The demand curve starts at 25 dollars on price and has a steep negative slope. The curves intersect at 300 hours on quantity, 10 dollars on price. The other points marked on the supply curve are: 7.50 dollars for 200 hours of tutoring per week; 20 dollars for 700 hours of tutoring per week and 25 dollars for 900 hours of tutoring per week. If the price decreases from $10 to $5, total surplus for the market: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices decreases by $1,500. decreases by $4,500. increases by $1,000. increases by $750.

increases by $750

A consumer's willingness to pay for a good is a measure of: Please choose the correct answer from the following choices, and then select the submit answer button. Answer choices the comparative advantage the consumer has in producing that good. the cost of specialization. the scarcity of the good. the benefit that the consumer expects to receive from the good.

the benefit that the consumer expects to receive from the good.

The table shows fans' willingness to pay for Miley Cyrus tickets. A table titled Miley Cyrus Tickets is shown with two columns and five rows. The data for Name and Willingness to pay reads as follows: Krissie - 200 dollars; Tami - 150 dollars; Cindi - 120 dollars; Barbie - 100 dollars; Bobbie - 80 dollars. True or False: If the price of a ticket increases from $120 to $150, consumer surplus will decrease by $60. This is _____. true false

true

The table shows the individual sellers' costs of selling a three-course taco dinner. A table titled Seller's Cost is shown with two columns and five rows. The data for Name and Cost reads as follows: Alberto's - 5 dollars; Burrito Boy's - 10 dollars; Taco Loco - 15 dollars; El Indino - 21 dollars; Manuela's - 25 dollars. True or False: If the price of a dinner is $25, El Indio's producer surplus is $4. This is _____. false true

true