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# Exhibit 3-11 Units of Good XMaximum Buying Price Minimum Sell

Exhibit 3-11

Units of Good XMaximum Buying Price              Minimum Selling Price

Result

1st\$12\$6(A)

2nd117(B)

3rd108(C)

4th99(D)

5th810(E)

6th711(F)

172.Refer to Exhibit 3-11.  Fill in blanks (A) and (B) respectively with “Exchange” or “No Exchange” to indicate whether or not exchange would take place at the given prices.

a.Exchange; Exchange

b.Exchange; No Exchange

c.No Exchange; Exchange

d.No Exchange; No Exchange

173.Refer to Exhibit 3-11.  Fill in blanks (C) and (D) respectively with “Exchange” or “No Exchange”to indicate whether or not exchange would take place at the given prices.

a.Exchange; Exchange

b.Exchange; No Exchange

c.No Exchange; Exchange

d.No Exchange; No Exchange

174.Refer to Exhibit 3-11.  Fill in blanks (E) and (F) respectively with “Exchange” or “No Exchange”to indicate whether or not exchange would take place at the given prices.

a.Exchange; Exchange

b.Exchange; No Exchange

c.No Exchange; Exchange

d.No Exchange; No Exchange

Exhibit 3-12

-----------------------------Quantity Supplied --------------------------------------

PriceAlineBentleyCalvinDaniel              Market

\$6202180(A)

72223104(B)

82425139(C)

926271714(D)

1028292220(E)

1130313238(F)

Assume that Aline, Bentley, Calvin, and Daniel are the only sellers in this market.

175.Refer to Exhibit 3-12.  Fill in blanks (A) and (B) respectively with the market quantity supplied at each given price.

a.12.25; 14.75

b.49; 59

c.37; 45

d.39; 49

e.none of the above

176.Refer to Exhibit 3-12.  Fill in blanks (C) and (D) respectively with the market quantity supplied at each given price.

a.17.75; 21.00

b.47; 52

c.50; 55

d.71; 84

e.none of the above

177.Refer to Exhibit 3-12.  Fill in blanks (E) and (F) respectively with the market quantity supplied at given each price.

a.24.75; 32.75

b.47; 52

c.99; 131

d.48; 65

e.none of the above

178.Refer to Exhibit 3-12.  Each individual seller’s supply curve is ________________ sloping and the market supply curve is _________________ sloping.

a.upward; also upward

b.downward; also downward

c.upward; downward

d.downward; upward

Exhibit 3-13

-----------------------------Quantity Demanded-------------------------------------

PriceJoseKaitlynLeahMariaMarket

\$530112530(A)

627102326(B)

72392022(C)

81981718(D)

91471413(E)

1046107(F)

Assume that Jose, Kaitlyn, Leah, and Maria are the only buyers in this market.

179.Refer to Exhibit 3-13.  Fill in blanks (A) and (B) respectively with the market quantity demanded at each given price.

a.96; 86

b.24; 21.5

c.75; 64

d.82; 72

e.none of the above

180.Refer to Exhibit 3-13.  Fill in blanks (C) and (D) respectively with the market quantity demanded at each given price.

a.18.5; 15.5

b.74; 62

c.75; 64

d.50; 43

e.none of the above

181.Refer to Exhibit 3-13.  Fill in blanks (E) and (F) respectively with the market quantity demanded at each given price.

a.12; 6.75

b.25; 19

c.75; 64

d.48; 27

e.none of the above

182.Refer to Exhibit 3-13.  Each individual consumer’s demand curve is ________________ sloping and the market demand curve is _________________ sloping.

a.upward; also upward

b.downward; also downward

c.upward; downward

d.downward; upward

Dec 09 2019 View more View Less