Refer to the table below. If the six people listed in the table are the only consumers in the market and the equilibrium price is $11, how much consumer surplus will the market generate?

Refer to Figure 13-3. The marginal revenue from one additional unit sold is the sum of the gain in revenue from selling the additional unit and the loss in revenue from having to charge a lower price to sell the additional unit

Based on the diagram in the figure A) X represents the gain (price effect) and Y the loss (output effect). B) Y represents the gain (output effect) and X the loss (price effect). C) X + Z represents the loss (output effect) and Y the gain (price effect). D) X represents the loss (price effect) and Y + Z the gain (output effect).

You turn to the Treasury bond market page of a newspaper and look under the column headed "Ask" and see that it says, "128:16" this indicates that

A. the price that the buyer is willing to pay for this bond is $128.16. B. the price that the buyer is willing to pay for this bond is $1,280.16. C. the price that the seller is willing to sell this bond for is $1,285. D. the price that the seller is willing to sell this bond for is $128.16.

If a firm can charge different prices for each consumer it can practice

A) second degree price discrimination. B) perfect price discrimination. C) third degree price discrimination. D) consumer surplus reversal

From a firm’s point of view, unionized labor might _______________ because union workers tend to stay longer at a job.

a. increase productivity b. drive wages down c. decrease productivity d. drive the company out of business