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Micro- Midterm 1
Microeconomics Midterm 1- Part 3/3
| Question | Answer |
|---|---|
| The value that consumers get from consuming a product over and above they actually paid for their product is called: | Consumer utility |
| The amount of revenues that sellers actually receive over and above the minimum acceptable amount that they are willing to receive for selling a product is called: | Producer surplus |
| Deadweight losses occur when the quantity of an output produced is: | Greater than, but not when it is less than, the competitive equilibrium quantity |
| Government can reallocate resources away from private goods towards public goods, usually through: | Taxes and government spending |
| If the price-elasticity coefficient for a good is .75, the demand for that good is described as: | Inelastic |
| Total revenue falls as the price of a good is raised, if the demand for the good is: | Unitary elastic |
| If a college admits only a fixed number of applicants per year, then the school's supply curve for admissions is: | Perfectly elastic |
| A glass company making windows for houses also makes windows for other things. We would expect its supply curve for house windows to be: | Relatively more inelastic than those of firms who only make house windows |
| A negative income elasticity of demand coefficient indicates that: | The product is an inferior good |
Created by:
joebouhadana
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