6) Which best describes Consumer Surplus? ( CLO: AR1) a. The price consumers are

Question

6) Which best describes Consumer Surplus? ( CLO: AR1) a. The price consumers are willing to pay for a unit b. The difference between the price a consumer pays for an item and the price he/she is willing to pay for it c. The cost of providing a unit d. The profits made by a firm 7) A negative production externality means? CLO: SK2) a. The social marginal cost is greater than the private marginal benefit b. The social marginal cost is less than the private marginal cost c. The social marginal cost is greater than the private marginal cost d. The social marginal benefit is greater than the private marginal cost 8) A merit good is: ( CLO: SK2) a. is a public good b. involves a negative externality c. is over provided in the free market d. is under provided in the free market ( CLO: AR1) 9) A price celling is a: a. Legally established minimum price that can be charged for a good b. Legally established maximum price that can be charged for a good CPU c. Minimum price that is in fact charged in a competitive market d. Maximum price that is in fact charged in a competitive market 10) If the price elasticity of demand for a good is 0.75, the demand for the good [CLO: AR1) can be described as: a. Elastic b. In-Elastic c. Normal d. Inferior

Explanation / Answer

6. The correct answer is B.

7.The correct answer is C.

8. The correct answer is C.

9. The correct answer is D.

10. The correct answer is B.

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