Sec 7.3 MC Market Efficiency

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1、1. Whichtoolsalloweconomiststodetermineiftheallocationofresourcesdeterminedbyfreemarketsisdesirable? a. profitsandcoststofirms b. consumerandproducersurplus c. theequilibriumpriceandquantity d. incomesofandpricespaidbybuyersANSWER:  bDIFFICULTY:  EasyLEARNING OB

2、JECTIVES:  ECON.MANK.014-Assessamarket'sefficiency.TOPICS:  WelfareeconomicsKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  001.07.3-MC-MANK082. Economiststypicallymeasureefficiencyusing a. thepricepaidbybuyers. b. thequantitysuppliedbysellers. c. totalsurplus. d. p

3、rofitstofirms.ANSWER:  cDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.014-Assessamarket'sefficiency.TOPICS:  WelfareeconomicsEfficiencyKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  002.07.3-MC-MANK083. Consumersurplusequalsthe a. valuetobuyersminustheamountpaid

4、bybuyers. b. valuetobuyersminusthecosttosellers. c. amountreceivedbysellersminusthecosttosellers. d. amountreceivedbysellersminustheamountpaidbybuyers.ANSWER:  aDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.014-Assessamarket'sefficiency.TOPICS:  Consumersurpl

5、usWelfareeconomicsKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  003.07.3-MC-MANK084. Producersurplusequalsthe a. valuetobuyersminustheamountpaidbybuyers. b. valuetobuyersminusthecosttosellers. c. amountreceivedbysellersminusthecosttosellers. d. amountreceivedbysellers

6、minustheamountpaidbybuyers.ANSWER:  cDIFFICULTY:  EasyLEARNING OBJECTIVES:  ECON.MANK.014-Assessamarket'sefficiency.CopyrightCengageLearning.PoweredbyCognero.Page 45TOPICS:  WelfareeconomicsProducersurplusKEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  004.07.3-MC-MANK0

7、85. Totalsurplus a. canbeusedtomeasureamarket’sefficiency. b. isthesumofconsumerandproducersurplus. c. isthevaluetobuyersminusthecosttosellers. d. Alloftheabovearecorrect.ANSWER:  dDIFFICULTY:  ModerateLEARNING OBJECTIVES:  ECON.MANK.014-Assessamarket'sefficienc

8、y.TOPICS:  WelfareeconomicsKEYWORDS:  BLOOM'S:ComprehensionCUSTOM ID:  005.07.3-MC-MANK086. Totalsurplusis a. thetotalcosttosellersofprovidingthegoodminusthetotalvalu