Sec 7.2 MC Producer Surplus

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1、1. Aseller’sopportunitycostmeasuresthe a. valueofeverythingshemustgiveuptoproduceagood. b. amountsheispaidforagoodminushercostofprovidingit. c. consumersurplus. d. outofpocketexpensestoproduceagoodbutnotthevalueofhertime.ANSWER:  aDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.012-Appl

2、ybasic,economicprinciplesofindividualdecisionmakingthatdeterminehowaneconomygenerallyworks.TOPICS:  EconomicthinkingOpportunitycostKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  001.07.2-MC-MANK082. Costisameasureofthe a. seller'swillingnesstosell. b. seller'sproducersurplus. c. producershortag

3、e. d. seller'swillingnesstobuy.ANSWER:  aDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.012-Applybasic,economicprinciplesofindividualdecisionmakingthatdeterminehowaneconomygenerallyworks.TOPICS:  ProducertheoryProductioncostsKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  002.07.2-MC-MANK0

4、83. Justinbuildsfencesforaliving.Justin’sout-of-pocketexpenses(forwood,paint,etc.)plusthevaluethatheplacesonhisowntimeamounttohis a. producersurplus. b. producerdeficit. c. costofbuildingfences. d. profit.ANSWER:  cDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.012-Applybasic,economicp

5、rinciplesofindividualdecisionmakingthatdeterminehowaneconomygenerallyworks.TOPICS:  ProducertheoryProductioncostsKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  003.07.2-MC-MANK084. Asupplycurvecanbeusedtomeasureproducersurplusbecauseitreflects a. theactionsofsellers. b. quantitysupplied. c. sel

6、lers'costs.CopyrightCengageLearning.PoweredbyCognero.Page 43 d. theamountthatwillbepurchasedbyconsumersinthemarket.ANSWER:  cDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.014-Assessamarket'sefficiency.TOPICS:  ProducertheoryProducersurplusKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:

7、  004.07.2-MC-MANK085. Aselleriswillingtosellaproductonlyifthesellerreceivesapricethatisatleastasgreatasthe a. seller’sproducersurplus. b. seller’scostofproduction. c. seller’sprofit. d. averagewillingnesstopayofbuyersoftheproduct.ANSWER:  bDIFFICULTY:  ModerateLEARNING O