If the producers’ surplus is $50, and the consumers’ surplus is $40, then what is the minimum selling price of the good?
e.There is not enough information to answer the question.
154.One can determine producers’ surplus if the minimum selling price and the _____________ is known.
e.a and c
155.One can determine the consumers’ surplus if the _______________ is known
b.maximum buying price
d.b and c
e.a and b
156.At a price of $9.99, Danielle buys 3 digital books per month. When the price decreases to $7.99, Danielle buys 4 digital books per month. Jason says that Danielle's demand for digital books has increased. Is Jason correct?
a.Yes, Jason is correct.
b.No, Jason is incorrect. Danielle's demand has decreased.
c.No, Jason is incorrect. Danielle's quantity demanded has decreased, but her demand has stayed the same.
d.No, Jason is incorrect. Danielle's quantity demanded has increased, but her demand has stayed the same.
e.No, Jason is incorrect. Danielle's quantity demanded has increased and her demand has decreased.
157.Resource X is necessary to the production of good Y. If the price of resource X falls,
a.the supply curve of Y shifts leftward.
b.the supply curve of Y shifts rightward.
c.the supply curve of Y is unaffected.
d.there is a movement down the supply curve of Y.
e.there is a movement up the supply curve of Y.
158.At a price for which the quantity supplied exceeds the quantity demanded, a __________ is experienced, which pushes the price __________ toward its equilibrium value.
159.The “voluntary bumping plan” used by airlines to resolve the problem of overbooked flights was developed by economist
b.John Maynard Keynes.
160.Suppose Smith wants one iPod no matter what the price is between $0 and $150, Jones wants one iPod no matter what the price is between $0 and $200, and Young wants one iPod no matter what the price is between $0 and $250. In this case, each individual buyer’s demand curve will be __________________ and the market demand curve will be __________________.
a.downward sloping; vertical
b.vertical; downward sloping
d.downward sloping; downward sloping
161.One reason that helps to explain the law of demand is the law of
a.diminishing marginal utility.
b.diminishing marginal returns.
c.increasing opportunity costs.
162.Supply curves are ________________ upward sloping.
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