Question

For each of three potential buyers of oranges, the table displays the willingness to pay for the first three oranges of the day. Assume Allison, Bob, and Charisse are the only three buyers of oranges, and only three oranges can be supplied per day. First Orange Second Orange Third Orange Allison $2.00 $1.50 $0.75 Bob $1.50 $1.00 $0.60 Charisse $0.75 $0.25 $0

Refer to Table 7-5. If the market price of an orange is $0.90, then the market quantity of oranges demanded per day is

a. 5.

b. 2.

c. 3.

d. 4. Figure 21-15 On the graph, Qx represents the quantity of good x and Qy represents the quantity of good y. The lines drawn on the graph represent three of Barbara’s indifference curves. Refer to Figure 21-15. Barbara is happier at a. point B than at point A. b. point B than at point C. c. point C than at point D. d. All of the above are correct The before-trade domestic price of peaches in the United States is $40 per bushel. The world price of peaches is $52 per bushel. The U.S. is a price-taker in the market for peaches. Refer to Scenario 9-1. If trade in peaches is allowed, the United States a. will become an importer of peaches. b. will become an exporter of peaches. c. may become either an importer or an exporter of peaches, but this cannot be determined. d. will experience increases in both consumer surplus and producer surplus. Dallas buys strawberries, and he would be willing to pay more than he now pays. Suppose that Dallas has a change in his tastes such that he values strawberries more than before. If the market price is the same as before, then a. Dallas's consumer surplus would be unaffected. b. Dallas's consumer surplus would increase. c. Dallas's consumer surplus would decrease. d. Dallas would be wise to buy fewer strawberries than before. Figure 9-6 ​ The figure illustrates the market for roses in a country. ​ Refer to Figure 9-6. The imposition of a tariff on roses a. increases the number of roses imported by 100. b. increases the number of roses imported by 200. c. decreases the number of roses imported by 200. d. decreases the number of roses imported by 400.

Answer 1

SOLUTION:

FROM TABLE 7-5:

explanation

SINCE, THE WILLINGNESS TO PAY BY ALLISON AND BOB FOR FIRST AND SECOND ORANGES ARE MORE THAN $0.90.

SO, ALLISON WILL DEMAND FIRST AND SECOND ORANGES (i.e., 2 oranges) AND

BOB WILL DEMAND FIRST AND SECOND ORANGES (i.e., 2 oranges) .

THUS, THE MARKET QUANTIY OF ORANGES DEMANDED PER DAY IS 4.

ANSWER IS OPTION D i.e., 4.

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