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Chapter 7/Consumers, Producers, and the Efficiency of Markets ? 493

33. Refer to Table 7-8. You wish to purchase 10 piano lessons for yourself and for your brother, so you take

bids from each of the sellers. You will take lessons at the same time, so one teacher cannot provide lessons to both of you. You must pay the same price for both sets of lessons, and you will not accept a bid below a seller¡¯s cost because you are concerned that the seller will not provide all 10 lessons. What bid will you accept? a. $351 b. $349 c. $201 d. $199

ANS: B

NAT: Analytic MSC: Analytical

DIF: 3 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

34. Refer to Table 7-8. The equilibrium market price for 10 piano lessons is $400. What is the total producer

surplus in the market? a. $0 b. $300 c. $400 d. $700

ANS: C

NAT: Analytic MSC: Analytical

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

35. Refer to Table 7-8. The equilibrium market price for 10 piano lessons is $300. What is the total producer

surplus in the market? a. $50 b. $150 c. $1,050 d. $1,500

ANS: B

NAT: Analytic MSC: Analytical

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

36. Refer to Table 7-8. You wish to purchase 10 piano lessons, so you take bids from each of the sellers. The

bids are required to be rounded to the nearest dollar. You will not accept a bid below a seller¡¯s cost because you are concerned that the seller will not provide all 10 lessons. Your parents have given you $450 to spend on piano lessons. You believe that the sellers with higher opportunity costs offer higher quality lessons. You want the highest quality lessons that you can afford, but you can spend any remaining money on dinner with friends. From whom will you take lessons, and how much money will you spend? a. Peter; $450 b. Cindy; $450 c. Greg; $401 d. Cindy; $401

ANS: C

NAT: Analytic MSC: Analytical

DIF: 3 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

494 ? Chapter 7/Consumers, Producers, and the Efficiency of Markets Figure 7-6

37. Refer to Figure 7-6. If the price of the good is $8.50, then producer surplus is

a. $2.50. b. $6.50. c. $8.00. d. $11.00.

ANS: C

NAT: Analytic MSC: Applicative

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

38. Refer to Figure 7-6. If the price of the good is $14, then producer surplus is

a. $17. b. $22. c. $25. d. $28.

ANS: C

NAT: Analytic MSC: Applicative

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

Chapter 7/Consumers, Producers, and the Efficiency of Markets ? 495

Figure 7-7

PriceSupplyADHP2P1BGCQ1Q2Quantity39. Refer to Figure 7-7. Which area represents producer surplus when the price is P1?

a. BCG b. ACH c. ABGD d. DGH

ANS: A

NAT: Analytic MSC: Applicative

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

40. Refer to Figure 7-7. Which area represents producer surplus when the price is P2?

a. BCG b. ACH c. ABGD d. AHGB

ANS: B

NAT: Analytic MSC: Applicative

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

41. Refer to Figure 7-7. Which area represents the increase in producer surplus when the price rises from P1 to

P2?

a. BCG b. ACH c. ABGD d. AHGB

ANS: D

NAT: Analytic MSC: Applicative

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

42. Refer to Figure 7-7. When the price rises from P1 to P2, which area represents the increase in producer

surplus to existing producers? a. BCG b. ACH c. DGH d. ABGD

ANS: D

NAT: Analytic MSC: Applicative

DIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

496 ? Chapter 7/Consumers, Producers, and the Efficiency of Markets

43. Refer to Figure 7-7. Which area represents the increase in producer surplus when the price rises from P1 to

P2 due to new producers entering the market? a. BCG b. ACH c. DGH d. AHGB

ANS: C

NAT: Analytic MSC: ApplicativeFigure 7-8

300275250225200175150125100755025PriceDIF: 2 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

S'SD2550D'Quantity7510012515017520044. Refer to Figure 7-8. If the supply curve is S, the demand curve is D, and the equilibrium price is $100, what

is the producer surplus? a. $625 b. $1,250 c. $2,500 d. $5,000

ANS: C

NAT: Analytic MSC: Analytical

DIF: 3 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

45. Refer to Figure 7-8. If the supply curve is S¡¯, the demand curve is D, and the equilibrium price is $150,

what is the producer surplus? a. $625 b. $1,250 c. $2,500 d. $5,000

ANS: A

NAT: Analytic MSC: Analytical

DIF: 3 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus

46. Refer to Figure 7-8. If the demand curve is D and the supply curve shifts from S¡¯ to S, what is the change

in producer surplus?

a. Producer surplus increases by $625. b. Producer surplus increases by $1,875. c. Producer surplus decreases by $625. d. Producer surplus decreases by $1,875.

ANS: B

NAT: Analytic MSC: Analytical

DIF: 3 REF: 7-2 LOC: Supply and demand

TOP: Producer surplus