03 Jun Question Review Test Submission: Exam 1
Question
Review Test Submission: Exam 1
Content
Test Exam 1
Question 1
2.5 out of 2.5 points
If the maximum price a person is willing and able to pay for a good is $50, and consumers’ surplus is $20, then it follows that the price the buyer paid for the good is
Question 2
2.5 out of 2.5 points
Which of the following statements is false?
Answers: A change in the price of good X will usually change the quantity supplied of good X, ceteris paribus.
A change in the number of sellers of a good can change the supply of that good.
Price and quantity supplied are directly related.
A vertical supply curve represents a direct relationship between price and quantity supplied.
Question 3
2.5 out of 2.5 points
Exhibit 3-12—————————–Quantity Supplied ————————————–
Price Aline Bentley Calvin Daniel Market
$6 20 21 8 0 (A)
7 22 23 10 4 (B)
8 24 25 13 9 (C)
9 26 27 17 14 (D)
10 28 29 22 20 (E)
11 30 31 32 38 (F)
Assume that Aline, Bentley, Calvin, and Daniel are the only sellers in this market.Refer to Exhibit 3-12. Fill in blanks (C) and (D) respectively with the market quantity supplied at each given price.
Answers: 17.75; 21.00
47; 52
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