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In a market there are six consumers who are willing to pay $9, $5, $9, $13, $10, and $11 respectively for one unit of the good.
1. In a market there are six consumers who are willing to pay $9, $5, $9, $13, $10, and $11 respectively for one unit of the good. In the same market there are seven producers who are willing to sell one unit of the good for $2, $9, $12, $14, $6, $4, and $9 respectively. In this market the equilibrium
A) Price is at $9 and the quantity is 4; the total surplus is 21.
B) Price is at $8 and the quantity is 5; the total surplus is 23.
C) Price is between $6 and $9 and the quantity is 4; the total surplus is 21.
D) Price is between $6 and $8 and the quantity is 5; the total surplus is 22.
E) Price is at $9 and the quantity is 3; the total surplus is 10.
4. Total revenue for coffee is the same for all price levels. The demand curve for coffee is
A) Elastic.
B) Upward Sloping.
C) Unit-elastic.
D) Perfectly elastic.
E) Perfectly inelastic.
6. Suppose that once a consumer has eaten too much of the same food, she can no longer taste any additional bites (consuming those additional bites does not make her any better or worse off). This leads to a(n) _____________ in the marginal utility of the consumption of that good.
A) increase
B) decrease
C) positive slope
D) negative slope
E) neither of the above.
