QUESTION 1 A dozen friends got together to celebrate a birthday. If the birthday
ID: 1119499 • Letter: Q
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QUESTION 1 A dozen friends got together to celebrate a birthday. If the birthday cake is cut into 12 pieces of the same size and each of the 12 partygoers gets a slice, this cake distribution is: A. efficient and equitable. B. efficient but not equitable. C. equitable but not efficient. D. equitable. 1 points QUESTION 2 A line representing all possible combinations of two commodities that a consumer can purchase at a particular time, given the market prices of the commodities and the consumer's income, is: A. an indifference curve. B. an income consumption curve. C. a consumption line. D. a budget line. 1 points QUESTION 3 A monopoly: A. is composed of a single buyer and several sellers. B. is composed of a large number of small firms. C. is composed of a small number of large firms. D. produces a product with no close substitutes. 1 points QUESTION 4 A price below the equilibrium price will cause a reduction in consumer surplus. True False 1 points QUESTION 5 An assumption of the model of perfect competition is: A. many buyers and sellers. B. limited information. C. discrimination. D. difficult entry and exit. 1 points QUESTION 6 As a consumer gives up some of good A, which is on the horizontal axis, to get more of good B, which is on the vertical axis, his or her marginal rate of substitution of good A for good B: A. decreases. B. becomes infinite. C. goes from negative to positive. D. increases. 1 points QUESTION 7 Economic models are: A. useless if they are simple. B. made generally of wood, plastic, and/or metal. C. set up and used to duplicate reality. D. often useful in forming economic policy. 1 points QUESTION 8 Feng is thinking of mowing lawns over the summer. His friend Jason mows lawns, and he says the marginal cost of mowing the fourth lawn in a day is $40. Feng thinks about it and realizes that the total cost of mowing four lawns is: A. $40. B. not possible to determine from the information provided. C. $80. D. $160. 1 points QUESTION 9 Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If the price of oil increases at the same time that incomes fall for many consumers, one would expect the equilibrium price of many normal goods to _____, while their equilibrium quantities would _____. A. decrease; fall, rise, or stay the same B. fall; fall C. fall; rise D. fall, rise, or stay the same; decrease 1 points QUESTION 10 Gillian is consuming her optimal consumption bundle of peanuts and raisins. The marginal utility associated with the last peanut she consumes is 4 utils, and the marginal utility associated with the last raisin is 2 utils. What must be the price of peanuts relative to that of raisins? A. 1 B. 2 C. 0.5 D. The relative price is undefined. QUESTION 27 Utility is most closely related to: A. necessity. B. usefulness. C. requirement. D. satisfaction. 1 points QUESTION 28 Utility is the: A. good not adequately provided by a free market and usually provided by the government. B. satisfaction consumers derive from their consumption of goods and services. C. difference between a firm's total revenue and its total economic cost. D. lowest price that buyers are willing to pay for a given quantity of a good. 1 points QUESTION 29 Werner installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. Werner will install eight sound systems per day only if the eighth customer is willing to pay at least: A. $400. B. $50. C. $100. D. $300. QUESTION 1 A dozen friends got together to celebrate a birthday. If the birthday cake is cut into 12 pieces of the same size and each of the 12 partygoers gets a slice, this cake distribution is: A. efficient and equitable. B. efficient but not equitable. C. equitable but not efficient. D. equitable. 1 points QUESTION 2 A line representing all possible combinations of two commodities that a consumer can purchase at a particular time, given the market prices of the commodities and the consumer's income, is: A. an indifference curve. B. an income consumption curve. C. a consumption line. D. a budget line. 1 points QUESTION 3 A monopoly: A. is composed of a single buyer and several sellers. B. is composed of a large number of small firms. C. is composed of a small number of large firms. D. produces a product with no close substitutes. 1 points QUESTION 4 A price below the equilibrium price will cause a reduction in consumer surplus. True False 1 points QUESTION 5 An assumption of the model of perfect competition is: A. many buyers and sellers. B. limited information. C. discrimination. D. difficult entry and exit. 1 points QUESTION 6 As a consumer gives up some of good A, which is on the horizontal axis, to get more of good B, which is on the vertical axis, his or her marginal rate of substitution of good A for good B: A. decreases. B. becomes infinite. C. goes from negative to positive. D. increases. 1 points QUESTION 7 Economic models are: A. useless if they are simple. B. made generally of wood, plastic, and/or metal. C. set up and used to duplicate reality. D. often useful in forming economic policy. 1 points QUESTION 8 Feng is thinking of mowing lawns over the summer. His friend Jason mows lawns, and he says the marginal cost of mowing the fourth lawn in a day is $40. Feng thinks about it and realizes that the total cost of mowing four lawns is: A. $40. B. not possible to determine from the information provided. C. $80. D. $160. 1 points QUESTION 9 Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If the price of oil increases at the same time that incomes fall for many consumers, one would expect the equilibrium price of many normal goods to _____, while their equilibrium quantities would _____. A. decrease; fall, rise, or stay the same B. fall; fall C. fall; rise D. fall, rise, or stay the same; decrease 1 points QUESTION 10 Gillian is consuming her optimal consumption bundle of peanuts and raisins. The marginal utility associated with the last peanut she consumes is 4 utils, and the marginal utility associated with the last raisin is 2 utils. What must be the price of peanuts relative to that of raisins? A. 1 B. 2 C. 0.5 D. The relative price is undefined. QUESTION 27 Utility is most closely related to: A. necessity. B. usefulness. C. requirement. D. satisfaction. 1 points QUESTION 28 Utility is the: A. good not adequately provided by a free market and usually provided by the government. B. satisfaction consumers derive from their consumption of goods and services. C. difference between a firm's total revenue and its total economic cost. D. lowest price that buyers are willing to pay for a given quantity of a good. 1 points QUESTION 29 Werner installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. Werner will install eight sound systems per day only if the eighth customer is willing to pay at least: A. $400. B. $50. C. $100. D. $300. QUESTION 1 A dozen friends got together to celebrate a birthday. If the birthday cake is cut into 12 pieces of the same size and each of the 12 partygoers gets a slice, this cake distribution is: A. efficient and equitable. B. efficient but not equitable. C. equitable but not efficient. D. equitable. 1 points QUESTION 2 A line representing all possible combinations of two commodities that a consumer can purchase at a particular time, given the market prices of the commodities and the consumer's income, is: A. an indifference curve. B. an income consumption curve. C. a consumption line. D. a budget line. 1 points QUESTION 3 A monopoly: A. is composed of a single buyer and several sellers. B. is composed of a large number of small firms. C. is composed of a small number of large firms. D. produces a product with no close substitutes. 1 points QUESTION 4 A price below the equilibrium price will cause a reduction in consumer surplus. True False 1 points QUESTION 5 An assumption of the model of perfect competition is: A. many buyers and sellers. B. limited information. C. discrimination. D. difficult entry and exit. 1 points QUESTION 6 As a consumer gives up some of good A, which is on the horizontal axis, to get more of good B, which is on the vertical axis, his or her marginal rate of substitution of good A for good B: A. decreases. B. becomes infinite. C. goes from negative to positive. D. increases. 1 points QUESTION 7 Economic models are: A. useless if they are simple. B. made generally of wood, plastic, and/or metal. C. set up and used to duplicate reality. D. often useful in forming economic policy. 1 points QUESTION 8 Feng is thinking of mowing lawns over the summer. His friend Jason mows lawns, and he says the marginal cost of mowing the fourth lawn in a day is $40. Feng thinks about it and realizes that the total cost of mowing four lawns is: A. $40. B. not possible to determine from the information provided. C. $80. D. $160. 1 points QUESTION 9 Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If the price of oil increases at the same time that incomes fall for many consumers, one would expect the equilibrium price of many normal goods to _____, while their equilibrium quantities would _____. A. decrease; fall, rise, or stay the same B. fall; fall C. fall; rise D. fall, rise, or stay the same; decrease 1 points QUESTION 10 Gillian is consuming her optimal consumption bundle of peanuts and raisins. The marginal utility associated with the last peanut she consumes is 4 utils, and the marginal utility associated with the last raisin is 2 utils. What must be the price of peanuts relative to that of raisins? A. 1 B. 2 C. 0.5 D. The relative price is undefined. QUESTION 27 Utility is most closely related to: A. necessity. B. usefulness. C. requirement. D. satisfaction. 1 points QUESTION 28 Utility is the: A. good not adequately provided by a free market and usually provided by the government. B. satisfaction consumers derive from their consumption of goods and services. C. difference between a firm's total revenue and its total economic cost. D. lowest price that buyers are willing to pay for a given quantity of a good. 1 points QUESTION 29 Werner installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. Werner will install eight sound systems per day only if the eighth customer is willing to pay at least: A. $400. B. $50. C. $100. D. $300. QUESTION 1 A dozen friends got together to celebrate a birthday. If the birthday cake is cut into 12 pieces of the same size and each of the 12 partygoers gets a slice, this cake distribution is: A. efficient and equitable. B. efficient but not equitable. C. equitable but not efficient. D. equitable. 1 points QUESTION 2 A line representing all possible combinations of two commodities that a consumer can purchase at a particular time, given the market prices of the commodities and the consumer's income, is: A. an indifference curve. B. an income consumption curve. C. a consumption line. D. a budget line. 1 points QUESTION 3 A monopoly: A. is composed of a single buyer and several sellers. B. is composed of a large number of small firms. C. is composed of a small number of large firms. D. produces a product with no close substitutes. 1 points QUESTION 4 A price below the equilibrium price will cause a reduction in consumer surplus. True False 1 points QUESTION 5 An assumption of the model of perfect competition is: A. many buyers and sellers. B. limited information. C. discrimination. D. difficult entry and exit. 1 points QUESTION 6 As a consumer gives up some of good A, which is on the horizontal axis, to get more of good B, which is on the vertical axis, his or her marginal rate of substitution of good A for good B: A. decreases. B. becomes infinite. C. goes from negative to positive. D. increases. 1 points QUESTION 7 Economic models are: A. useless if they are simple. B. made generally of wood, plastic, and/or metal. C. set up and used to duplicate reality. D. often useful in forming economic policy. 1 points QUESTION 8 Feng is thinking of mowing lawns over the summer. His friend Jason mows lawns, and he says the marginal cost of mowing the fourth lawn in a day is $40. Feng thinks about it and realizes that the total cost of mowing four lawns is: A. $40. B. not possible to determine from the information provided. C. $80. D. $160. 1 points QUESTION 9 Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If the price of oil increases at the same time that incomes fall for many consumers, one would expect the equilibrium price of many normal goods to _____, while their equilibrium quantities would _____. A. decrease; fall, rise, or stay the same B. fall; fall C. fall; rise D. fall, rise, or stay the same; decrease 1 points QUESTION 10 Gillian is consuming her optimal consumption bundle of peanuts and raisins. The marginal utility associated with the last peanut she consumes is 4 utils, and the marginal utility associated with the last raisin is 2 utils. What must be the price of peanuts relative to that of raisins? A. 1 B. 2 C. 0.5 D. The relative price is undefined. QUESTION 27 Utility is most closely related to: A. necessity. B. usefulness. C. requirement. D. satisfaction. 1 points QUESTION 28 Utility is the: A. good not adequately provided by a free market and usually provided by the government. B. satisfaction consumers derive from their consumption of goods and services. C. difference between a firm's total revenue and its total economic cost. D. lowest price that buyers are willing to pay for a given quantity of a good. 1 points QUESTION 29 Werner installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. Werner will install eight sound systems per day only if the eighth customer is willing to pay at least: A. $400. B. $50. C. $100. D. $300. QUESTION 1 A dozen friends got together to celebrate a birthday. If the birthday cake is cut into 12 pieces of the same size and each of the 12 partygoers gets a slice, this cake distribution is: A. efficient and equitable. B. efficient but not equitable. C. equitable but not efficient. D. equitable. 1 points QUESTION 2 A line representing all possible combinations of two commodities that a consumer can purchase at a particular time, given the market prices of the commodities and the consumer's income, is: A. an indifference curve. B. an income consumption curve. C. a consumption line. D. a budget line. 1 points QUESTION 3 A monopoly: A. is composed of a single buyer and several sellers. B. is composed of a large number of small firms. C. is composed of a small number of large firms. D. produces a product with no close substitutes. 1 points QUESTION 4 A price below the equilibrium price will cause a reduction in consumer surplus. True False 1 points QUESTION 5 An assumption of the model of perfect competition is: A. many buyers and sellers. B. limited information. C. discrimination. D. difficult entry and exit. 1 points QUESTION 6 As a consumer gives up some of good A, which is on the horizontal axis, to get more of good B, which is on the vertical axis, his or her marginal rate of substitution of good A for good B: A. decreases. B. becomes infinite. C. goes from negative to positive. D. increases. 1 points QUESTION 7 Economic models are: A. useless if they are simple. B. made generally of wood, plastic, and/or metal. C. set up and used to duplicate reality. D. often useful in forming economic policy. 1 points QUESTION 8 Feng is thinking of mowing lawns over the summer. His friend Jason mows lawns, and he says the marginal cost of mowing the fourth lawn in a day is $40. Feng thinks about it and realizes that the total cost of mowing four lawns is: A. $40. B. not possible to determine from the information provided. C. $80. D. $160. 1 points QUESTION 9 Gasoline, a derivative of oil, is a large part of transportation costs for many producers. If the price of oil increases at the same time that incomes fall for many consumers, one would expect the equilibrium price of many normal goods to _____, while their equilibrium quantities would _____. A. decrease; fall, rise, or stay the same B. fall; fall C. fall; rise D. fall, rise, or stay the same; decrease 1 points QUESTION 10 Gillian is consuming her optimal consumption bundle of peanuts and raisins. The marginal utility associated with the last peanut she consumes is 4 utils, and the marginal utility associated with the last raisin is 2 utils. What must be the price of peanuts relative to that of raisins? A. 1 B. 2 C. 0.5 D. The relative price is undefined. QUESTION 27 Utility is most closely related to: A. necessity. B. usefulness. C. requirement. D. satisfaction. 1 points QUESTION 28 Utility is the: A. good not adequately provided by a free market and usually provided by the government. B. satisfaction consumers derive from their consumption of goods and services. C. difference between a firm's total revenue and its total economic cost. D. lowest price that buyers are willing to pay for a given quantity of a good. 1 points QUESTION 29 Werner installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. Werner will install eight sound systems per day only if the eighth customer is willing to pay at least: A. $400. B. $50. C. $100. D. $300. QUESTION 27 Utility is most closely related to: A. necessity. B. usefulness. C. requirement. D. satisfaction. 1 points QUESTION 28 Utility is the: A. good not adequately provided by a free market and usually provided by the government. B. satisfaction consumers derive from their consumption of goods and services. C. difference between a firm's total revenue and its total economic cost. D. lowest price that buyers are willing to pay for a given quantity of a good. 1 points QUESTION 29 Werner installs custom sound systems in cars. If he installs seven systems per day, his total costs are $300. If he installs eight systems per day, his total costs are $400. Werner will install eight sound systems per day only if the eighth customer is willing to pay at least: A. $400. B. $50. C. $100. D. $300.Explanation / Answer
Answer 1 - 12 friends go to party and a slice of a cake. This distribution was 'equitable'. It was not an efficient distribution. Some friend may not like eating cake so much.
Option D is the correct answer.
Answer 2 - A budget line represents combination of two goods that a consumer can purchase at a particular time, in a given market price and income of the consumer.
Option D is the correct answer.
Answer 3 - A monopoly produce a product with no close substitute. This is a market where only single seller produces all the market quantity. it has full control over supply.
Option D is the correct answer.
Answer 4 - A price below equilibrium price will increase consumer surplus. Therefore, the statement given in the question is false. The price below equilibrium price will have excess demand in the market and consumer surplus will be greater.
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