Economics Ch. 6 Quiz

Marginal utility is a measure

"the second glass of Evian water was very good. May I have another?" which of the following is necessarily true regarding this statement?

Total utility can be calculated as the

Demand curves usually slope downward because of the income and substitution effects, and because of the law of diminishing marginal utility

Newspaper vending machines illustrate that publishers believe

Diminishing marginal utility means that

The marginal utility of a second copy of today's New York Times is

Which of the following sayings describes the concept of diminishing marginal utility?

the reason you don't drink 5 cups of coffee at breakfast is that

Joe the economist tells his wife, Jane, that he wants to spend a weekend fishing with friends. She replies "you don't love me anymore". Just before she hits Joe with a croquet mallet, Joe explains to her that she has confused the concepts of

In exhibit 6-12, consumer surplus at a price of $2 is the difference between what consumers are willing to

Which area in exhibit 6-13 represents consumer surplus at market equilibrium?

Suppose I am willing to pay $300 for roller blades and I purchase them on sale for $200. My consumer surplus is

The consumers' surplus derived from the last unit of a good purchased

The market demand curve is

A measure of consumer surplus in any market is

Consumers derive consumer surplus whenever

For any given price, the more elastic the demand for a product is, the greater will be the consumer surplus

When a service, such as medical care, is provided free of charge,

Refer to exhibit 6-17. If D, D', and D" represents the demand curves for the only 3 consumers in the market, then the market quantity demanded at a price of $15 will be

refer to exhibit 6-17. If D, D', and D" represents the demand curves for the only 3 consumers in the market, then the market quantity demanded at a price of $45 will be

Refer to exhibit 6-17. If D, D', and D" represent the demand curves for the only 3 consumers in the market, then the market quantity demanded at a price of $30 will be

refer to exhibit 6-17. If D, D', and D" represent the demand curve for the only 3 consumers in the market, then the market demand curve will be more ____ than each of the 3 individual demand curves

Suppose Jerry consumers 3 hamburgers at McDonald's one evening. He figured the last one was just worth the price he paid for it. If the hamburgers he buys have a price of $1. then

If you buy a good, its expected marginal value to you

When the price is P in exhibit 6-11, the shaded area represents

Consumer surplus is

At point b in exhibit 6-9, total utility is valued at

What happens to consumer surplus as price falls along a given demand curve?

when price decreases, consumer surplus

at point a in exhibit 6-9, consumer surplus is

Elvis values the first gravy sandwich at $5, the second at $4.50, and the third at $4. If he buys three for $4 each, his consumer surplus is

On a normal day, Emily Mapai's demand curve for a cup of hot chocolate is initially shown as D in exhibit 6-15. On a day when the high temperature does not get above zero degrees, her demand curve increases to D'. At price P for a cup of hot chocolate, Emily's consumer surplus on a freezing day