Quiz: Final Exam ECON 10 Spring X *Dashboard X + X -> C @ https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . Time Running: Hide Time OS MEDANO Spring 2022 COLLEGE D Question 1 2.25 pts Attempt due: May 20 at 11:59pm Home 1 Hour, 59 Minutes, 44 Seconds Modules Which of the following best describes the invisible hand theorem? Syllabus Government intervention in agents' economic decisions acts as an invisible hand to make society as best off as possible. Assignments O None of the above. Quizzes O In a perfect market setting, if each consumer and producer acts rationally to make society as best off as possible then government 898 Discussions intervention is not necessary to maximize social welfare. Grades O In a perfect market setting, if each consumer and producer acts rationally to promote their own self-interest the market will result in an allocation that maximizes social welfare. People Collaborations ? Chat D Question 2 2.25 pts LMC Library Office 365 Consider the market for gasoline. If fewer people need gasoline because they cannot go to work or socialize due to the COVID-19 Starfish pandemic and many oil producers shut down, what would be consistent with our understanding of the model of supply and demand in the gasoline market? TechConnect Zoom Student Support O None of these is consistent with supply and demand analysis. Services O Equilibrium price would increase and equilibrium quantity would increase. LMC Virtual Tutoring O Equilibrium price would fall and equilibrium quantity would decrease. Microsoft Teams O Equilibrium price would fall and equilibrium quantity would increase. classes COST -1.51% 3:45 PM Type here to search O 994 5/19/2022Quiz: Final Exam ECON 10 Spring X Dashboard X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 COLLEGE Home D Question 2 2.25 pts Modules Syllabus Consider the market for gasoline. If fewer people need gasoline because they cannot go to work or socialize due to the COVID-19 Assignments pandemic and many oil producers shut down, what would be consistent with our understanding of the model of supply and demand in the gasoline market? Quizzes 898 Discussions O None of these is consistent with supply and demand analysis. Grades O Equilibrium price would increase and equilibrium quantity would increase. People O Equilibrium price would fall and equilibrium quantity would decrease. Collaborations O Equilibrium price would fall and equilibrium quantity would increase. ? Chat LMC Library Office 365 D Question 3 2.25 pts Starfish Which of the following is an example of a market failure? TechConnect Zoom Student Support O There are not enough tickets available for everyone to attend concerts of extremely popular performers and artists. Services O A farmer uses chemical fertilizer on their fields that then leaches into the community's groundwater. LMC Virtual Tutoring O A promising new Silicon Valley startup finds that they are operating at an economic loss and they decide to shut down. Microsoft Teams O The price of medical care has risen dramatically as a result of the introduction of sophisticated equipment and procedures. classes Type here to search O COST -1.51% 3:45 PM 994 5/19/2022Quiz: Final Exam ECON 10 Spring X *Dashboard X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . Spring 2022 O The price of medical care has risen dramatically as a result of the introduction of sophisticated equipment and procedures. OS MEDANO COLLEGE Home Modules D Question 4 2.25 pts Syllabus Assignments In the graph below, what best characterizes area A? Quizzes P 898 Discussions C Grades A + S = MSC People Collaborations P* MSB ? Chat B 4 LMC Library D Q* Office 365 Q Starfish O Welfare Loss from a Positive Externality TechConnect Zoom Consumer Surplus Student Support Services O Welfare Loss from a Negative Externality LMC Virtual O Producer Surplus Tutoring Microsoft Teams classes D Question 5 2 25 nts Type here to search O COST -1.51% 3:45 PM 994 5/19/2022Quiz: Final Exam ECON 10 Spring X *Dashboard X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 COLLEGE Home D Question 5 2.25 pts Modules Syllabus The market system fails to produce an efficient level of public goods because: Assignments O Individual producers have market power if they produce a public good. Quizzes O Individual producers cannot stop consumers who don't pay for their good from freeriding and benefiting from the good even 898 Discussions though they didn't pay the producer. Grades O Public enterprises can produce such goods at lower costs than can private enterprises. People O Their production generates a negative externality. Collaborations ? Chat LMC Library D Question 6 2.25 pts Office 365 Which of the following is not a determinant of market supply for big fancy televisions? Starfish TechConnect Zoom The price for computer monitors. Student Support O The price of the rare earth minerals used in producing them. Services O Consumers' lost income when there is a high level of layoffs and unemployment. LMC Virtual Tutoring O The productivity of workers at the factories where they are produced. Microsoft Teams classes 3:45 PM Type here to search O 99+ COST -1.51% 5/19/2022Quiz: Final Exam ECON 10 Spring X Dashboard X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take . . . OS MEDANO Spring 2022 COLLEGE Home D Question 7 2.25 pts Modules Syllabus Consider the graph below. Which area best represents the government revenue generated by the tax? Assignments Quizzes 898 Discussions A S Grades People B + p1 Collaborations P2 E P3 ? Chat D LMC Library C 4 Q QSE Q Office 365 Starfish OC TechConnect Zoom OE Student Support Services O B LMC Virtual OA Tutoring Microsoft Teams classes D Question 8 2.25 pts Type here to search O 994 COST -1.51% 3:45 PM 5/19/2022Quiz: Final Exam ECON 10 Spring X *Dashboard X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 COLLEGE Home D Question 8 2.25 pts Modules Syllabus In the figure below, what will be the monopolist's profit-maximizing level of production? Assignments Quizzes X 898 Discussions I Grades G People Collaborations T V X Quantity ? Chat LMC Library Office 365 Starfish OV TechConnect Zoom OY Student Support Services OX LMC Virtual O T Tutoring Microsoft Teams classes Question O 225 nts 3:45 PM Type here to search 994 COST -1.51% 5/19/2022Quiz: Final Exam ECON 10 Spring X Dashboard X + X -> C & https://4cd.instructure.com/courses/73311/quizzes/369890/take Al . . . OS MEDANO Spring 2022 OT COLLEGE Home Modules Syllabus D Question 9 2.25 pts Assignments Consumer surplus is best defined as: Quizzes 898 Discussions O How much a consumer is willing and able to pay for a good. Grades The difference between how much consumers are willing and able to pay for a good and how much they actually pay. People O The difference between how much consumers are willing and able to pay for a good and how much it costs to produce that good. Collaborations How much income a consumer has left over after making their purchases. ? Chat LMC Library Office 365 D Question 10 2.25 pts Starfish TechConnect Zoom A binding price ceiling causes: Student Support O A shortage and efficiency loss from underproduction Services LMC Virtual O A surplus and efficiency loss from overproduction Tutoring O A shortage and efficiency loss from overproduction Microsoft Teams O A surplus and efficiency loss from underproduction classes Type here to search O WWMT -2.74% 3:45 PM 1994 5/19/2022