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ECON2302 - KC - Ch07

Ecomomics Chapter 7 review

QuestionAnswer
Each seller of a product is willing to sell as long as the price he or she can receive is greater than the opportunity cost of producing the product. True or false? TRUE
Jeff decides that he would pay as much as $2K for a new laptop computer. He buys the computer and realizes a consumer surplus of $300. How much did Jeff pay for his computer? $1,700
When the supply of a good increases and the demand for the good remains unchanged, consumer surplus increases.
If the quantity sold creates a price equilibrium, then the sum of the consumer surplus and the producer surplus is maximized.
The French expression used by free-market advocates, which literally translates as "allow them to do" is laissez-faire
Connie can clean windows in large office buildings at a cost of $1/window. The market price for window-cleaning services is $3/window. If Connie cleans 100 windows, her producer surplus is $100. True or false? FALSE
Free markets allocate the supply of goods to the buyers who value them most highly, as measured by their willingness to pay. True or false? TRUE
Consumer surplus measures the benefit to buyers of participating in a market. True or false? TRUE
If the United States legally allowed for a market in transplant organs, it is estimated that one kidney would sell for at least $100,000. True or false? FALSE
Created by: debra473
 

 



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