microeconmics online assignment 3 anwers 2024

Correct
marks for this submission: 1/1.
Question 2
marks: 1
figure: Consumer surplus ii

reference: Ref 4-5

(figure: Consumer surplus ii) if the price rises from p1 to p2, consumer surplus decreases by the area:
Choose one answer.
.
C. P1p2bf. .

Correct
marks for this submission: 1/1.
Question 3
marks: 1
vonda and aleiyah are shopping together at the mall for new jeans. Vonda is willing to pay $90 and aleiyah is willing to pay $50 for a pair of jeans. What is the gain in total consumer surplus when the price decreases from $59 to $40?
Choose one answer.
A. $29

correct
marks for this submission: 1/1.
Question 4
marks: 1
suppose the market demand for good y is given by the equation qd = 100 – 2p, where p is the price per unit and qd represents the number of units. If the market price of good y is $40, then the quantity demanded would equal ________ and the value of consumer surplus will be ________.
Choose one answer.

B. 20 units; $100
correct
marks for this submission: 1/1.
Question 5
marks: 1
the market for apples is in equilibrium at a price of $0.50 per pound. If the government imposes a price ceiling in the market at a price of $0.40 per pound, then:
Choose one answer.
.
B. There will be a shortage of the good.
Correct
marks for this submission: 1/1.
Question 6
marks: 1
a price control is:
Choose one answer.
.
C. A legal restriction on how high or low a price in a market may go.
.

Correct
marks for this submission: 1/1.
Question 7
marks: 1
figure: Producer surplus iii

reference: Ref 4-17

(figure: Producer surplus iii) if the price of the good increases from $3 to $4, producer surplus will increase by:
Choose one answer.
.
C. $25.

Correct
marks for this submission:1/1.
Question 8
marks: 1
figure: Market for blue jeans

reference: Ref 5-23

(figure: Market for blue jeans) suppose the government believes the producers of blue jeans are not profitable and the government wants to make sure blue jeans producers are profitable. This type of price control is called a ________ and the price would be set equal to ________.
Choose one answer.
D. Price floor; $100

correct
marks for this submission: 1/1.
Question 9
marks: 1

reference: Ref 4-12

(table: Producer surplus and phantom tickets) given the information in the table, if the price for phantom tickets is $55, total producer surplus for the five students is:
Choose one answer.
.
D. $84.

Correct
marks for this submission: 1/1.
Question 10
marks: 1
figure: Wireless mouse market

reference: Ref 4-10

(figure: Wireless mouse market) using the graph showing the wireless mouse market, calculate producer surplus when the market is in equilibrium.
Choose one answer.

C. $1,300
correct
marks for this submission: 1/1.
Question 11
marks: 1

reference: Ref 5-4

(table: Market for a can of soda) if the government does not impose a price control, the price of a can of soda will equal:
Choose one answer.
A. $0.75.
.

Correct
marks for this submission: 1/1.
Question 12
marks: 1
figure: Monthly demand for ice cream cones

reference: Ref 4-9

(figure: Monthly demand for ice cream cones) the graph represents one individual’s monthly demand for ice cream cones. At a price of $5 per cone, this individual will consume 10 cones in a month. How much consumer surplus does this consumer receive?
Choose one answer.

B. $50

correct
marks for this submission: 1/1.
Question 13
marks: 1

reference: Ref 4-33

(table: Willingness to pay for peanuts) if the price of a bag of peanuts is $2, this would mean that:
Choose one answer.
B. Every one of the consumers would purchase a bag.
.

Correct
marks for this submission: 1/1.
Question 14
marks: 1
figure: Producer surplus iii

reference: Ref 4-17

(figure: Producer surplus iii) if the price of the good is $4, producer surplus will equal:
Choose one answer.
B. $80
. Correct
marks for this submission: 1/1.
Question 15
marks: 1
figure: Market for blue jeans

reference: Ref 5-23

(figure: Market for blue jeans) suppose the government believes blue jeans are too expensive and it wants to make sure blue jeans are affordable to more citizens. This type of price control is called a ________ and the price would be set equal to ________.
Choose one answer.

C. Price ceiling; $55

correct
marks for this submission: 1/1.
Question 16
marks: 1
figure and table: Market for butter

reference: Ref 5-16

(figure and table: Market for butter) the figure represents a competitive market for butter. If a government price floor at $1.40 is now imposed on this market (in the name of fairness), then an inefficiency will result in the form of a:
Choose one answer.
.
D. Surplus of 6.0 million pounds of butter.

Correct
marks for this submission: 1/1.
Question 17
marks: 1
when transatlantic airfares were set artificially high by an international treaty, airlines offered customers an inefficiently high quality of service.
Answer:
True
correct
marks for this submission: 1/1.
Question 18
marks: 1
rent controls set a price ceiling below the equilibrium price and therefore:
Choose one answer.

C. Quantity demanded exceeds the quantity supplied.

Correct
marks for this submission: 1/1.
Question 19
marks: 1
each of the following is a source of inefficiency from a rent-control price ceiling except:
Choose one answer.
D. Inefficiently high quality of the good being sold.

Correct
marks for this submission: 1/1.
Question 20
marks: 1
along a given supply curve, a decrease in price will cause producer surplus to:
Choose one answer.

D. Decrease.