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
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