3. British Lindsay, who lives in Perth, buys a new Apple watch for $549. He gets $120 of consumer surplus from buying the watch. How much does Lindsay value his new Apple watch?

Group of answer choices

$429

$769

$669

$549

$120

4.

Consumer	Highest Willing to Pay
Snoop	$420
Cheech	$350
Slater	$150

The table above lists the highest prices three consumers are willing to pay for one (the first) ounce of weed. If the price is $200 per ounce, then

Group of answer choices

Slater will receive $50 of consumer surplus since he will buy no weed.

Cheech will receive $150 of consumer surplus from buying one ounce.

Snoop will buy two ounces, Cheech will buy one ounce, and Slater won't buy any.

Curly and Moe receive a total of $300 of consumer surplus from buying one ounce each. Slater wont buy anything.

5.

Ascona's Pizzas	Marginal Cost (dollars)
1st Pizza	$7
2nd Pizza	10
3rd Pizza	15
4th Pizza	20

The table above lists the marginal cost of producing pizzas made by the Ascona Pizza Company, an upscale pizza joint in Danville, California. If the market price of the pizzas increases from $14 to $21

Group of answer choices

consumers will buy no pizzas.

there will be a surplus of pizzas.

producer surplus will rise from $11 to $32.

the marginal cost of producing the third pizza will increase to $20.

Flag question: Question 31Question 311pts

The highest prices that consumers are willing to pay is shown on a

Group of answer choices

demand curve.

supply curve.

marginal cost curve.

production possibilities frontier.

6, The graph above shows Ruben's demand for ice-cream cones curve. If the market price is $3.00, what is Ruben's consumer surplus?

Group of answer choices

$10.50

$1.50

$6.50

$.50

7. The graph above shows the market for lemonade. At a price of $3

Group of answer choices

producers should lower the price to $1 in order to sell the quantity demanded of 10,000.

the marginal cost of lemonade is greater than the marginal benefit; therefore, output is inefficiently low.

the marginal benefit of lemonade is greater than the marginal cost; therefore, output is inefficiently high.

the marginal benefit of lemonade is greater than the marginal cost; therefore, output is inefficiently low.

8. We can say that economic efficiency is reached in a market if, for the last unit produced, the marginal benefit for the consumer is equal to the marginal cost of the producer, and also that

Group of answer choices

economic surplus plus consumer surplus equals producer surplus.

economic surplus is minimized.

consumer surplus plus producer surplus is maximized.

the difference between consumer surplus and producer surplus is maximized.

9.

Hourly Wage (dollars)	Quantity of Labor Supplied	Quantity of Labor Demanded
$15.00	350,000	390,000
16.50	360,000	380,000
17.00	370,000	370,000
18.00	380,000	360,000
19.00	390,000	350,000
20.00	400,000	340,000

The table above shows the supply and demand schedules for workers in Largo. If a minimum wage of $18.00 is mandated there will be a

Group of answer choices

surplus of 10,000 units of labor.

shortage of 10,000 units of labor.

surplus of 20,000 units of labor.

shortage of 20,000 units of labor.

10. The graph above describes the market for cigarettes. The government of Laos plans to impose a unit tax in this market.

How much of the (per unit) tax will be paid by the sellers of cigarettes?

Group of answer choices

$5

$3

$8

$2