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Micro- Midterm 1

Microeconomics Midterm 1- Part 3/3

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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