TEST BANK
Intermediate Microeconomics
NINTH EDITION
TEST BANK
Intermediate Microeconomics
NINTH EDITION
Hal R. Varian
Theodore C. Bergstrom
James E. West
W • W • NORTON & COMPANY • NEW YORK • LONDON W. W. Norton & Company has been independent since its founding in 1923, when William Warder Norton and Mary D. Herter Norton first published lectures delivered at the People’s Institute, the adult education division of New York City’s Cooper Union. The firm soon expanded its program beyond the Institute, publishing books by celebrated academics from America and abroad. By midcentury, the two major pillars of Norton’s publishing program—trade books and college texts—were firmly established. In the 1950s, the Norton family transferred control of the company to its employees, and today—with a staff of four hundred and a comparable number of trade, college, and professional titles published each year—W. W. Norton & Company stands as the largest and oldest publishing house owned wholly by its employees.
Copyright © 2014 by W. W. Norton & Company, Inc.
All rights reserved.
Printed in the United States of America.
ISBN 978-0-393-93675-9
W. W. Norton & Company, Inc.
500 Fifth Avenue, New York, N.Y . 10110-0017
wwnorton.com
W. W. Norton & Company Ltd.
Castle House, 75/76 Wells Street, London W1T 3QT
1 2 3 4 5 6 7 8 9 0 CONTENTS
Preface vii
Part ITest Bank Chapter 2 Budget Constraint 3 Chapter 3 Preferences 11 Chapter 4 Utility 17 Chapter 5 Choice 24 Chapter 6 Demand 32 Chapter 7 Revealed Preference 41 Chapter 8 Slutsky Equation 49 Chapter 9 Buying and Selling 55
Chapter 10 Intertemporal Choice 65
Chapter 11 Asset Markets 72
Chapter 12 Uncertainty 79
Chapter 13 Risky Assets 86
Chapter 14 Consumer’s Surplus 89
Chapter 15 Market Demand 94
Chapter 16 Equilibrium 105
Chapter 17 Measurement 112
Chapter 18 Auctions 113
Chapter 19 T echnology 119
Chapter 20 Profit Maximization 125
Chapter 21 Cost Minimization 132
Chapter 22 Cost Curves 143
Chapter 23 Firm Supply 150
Chapter 24 Industry Supply 155
Chapter 25 Monopoly 162
Chapter 26 Monopoly Behavior 172 Chapter 27 Factor Markets 177
Chapter 28 Oligopoly 181
Chapter 29 Game Theory 189
Chapter 30 Game Applications 195
Chapter 31 Behavioral Economics 202
Chapter 32 Exchange 207
Chapter 33 Production 217
Chapter 34 Welfare 224
Chapter 35 Externalities 228
Chapter 36 Information T echnology 235
Chapter 37 Public Goods 239
Chapter 38 Asymmetric Information 243
Part IIAlternative Quizzes Chapter 2 Budget Constraint 251 Chapter 3 Preferences 256 Chapter 4 Utility 261 Chapter 5 Choice 266 Chapter 6 Demand 270 Chapter 7 Revealed Preference 275 Chapter 8 Slutsky Equation 280 Chapter 9 Buying and Selling 285
Chapter 10 Intertemporal Choice 290
Chapter 11 Asset Markets 294
Chapter 12 Uncertainty 299
Chapter 13 Risky Assets 304
Chapter 14 Consumer’s Surplus 306
Chapter 15 Market Demand 311
Chapter 16 Equilibrium 315
Chapter 17 Measurement 319
Intermediate Microeconomics
NINTH EDITION
TEST BANK
Intermediate Microeconomics
NINTH EDITION
Hal R. Varian
Theodore C. Bergstrom
James E. West
W • W • NORTON & COMPANY • NEW YORK • LONDON W. W. Norton & Company has been independent since its founding in 1923, when William Warder Norton and Mary D. Herter Norton first published lectures delivered at the People’s Institute, the adult education division of New York City’s Cooper Union. The firm soon expanded its program beyond the Institute, publishing books by celebrated academics from America and abroad. By midcentury, the two major pillars of Norton’s publishing program—trade books and college texts—were firmly established. In the 1950s, the Norton family transferred control of the company to its employees, and today—with a staff of four hundred and a comparable number of trade, college, and professional titles published each year—W. W. Norton & Company stands as the largest and oldest publishing house owned wholly by its employees.
Copyright © 2014 by W. W. Norton & Company, Inc.
All rights reserved.
Printed in the United States of America.
ISBN 978-0-393-93675-9
W. W. Norton & Company, Inc.
500 Fifth Avenue, New York, N.Y . 10110-0017
wwnorton.com
W. W. Norton & Company Ltd.
Castle House, 75/76 Wells Street, London W1T 3QT
1 2 3 4 5 6 7 8 9 0 CONTENTS
Preface vii
Part ITest Bank Chapter 2 Budget Constraint 3 Chapter 3 Preferences 11 Chapter 4 Utility 17 Chapter 5 Choice 24 Chapter 6 Demand 32 Chapter 7 Revealed Preference 41 Chapter 8 Slutsky Equation 49 Chapter 9 Buying and Selling 55
Chapter 10 Intertemporal Choice 65
Chapter 11 Asset Markets 72
Chapter 12 Uncertainty 79
Chapter 13 Risky Assets 86
Chapter 14 Consumer’s Surplus 89
Chapter 15 Market Demand 94
Chapter 16 Equilibrium 105
Chapter 17 Measurement 112
Chapter 18 Auctions 113
Chapter 19 T echnology 119
Chapter 20 Profit Maximization 125
Chapter 21 Cost Minimization 132
Chapter 22 Cost Curves 143
Chapter 23 Firm Supply 150
Chapter 24 Industry Supply 155
Chapter 25 Monopoly 162
Chapter 26 Monopoly Behavior 172 Chapter 27 Factor Markets 177
Chapter 28 Oligopoly 181
Chapter 29 Game Theory 189
Chapter 30 Game Applications 195
Chapter 31 Behavioral Economics 202
Chapter 32 Exchange 207
Chapter 33 Production 217
Chapter 34 Welfare 224
Chapter 35 Externalities 228
Chapter 36 Information T echnology 235
Chapter 37 Public Goods 239
Chapter 38 Asymmetric Information 243
Part IIAlternative Quizzes Chapter 2 Budget Constraint 251 Chapter 3 Preferences 256 Chapter 4 Utility 261 Chapter 5 Choice 266 Chapter 6 Demand 270 Chapter 7 Revealed Preference 275 Chapter 8 Slutsky Equation 280 Chapter 9 Buying and Selling 285
Chapter 10 Intertemporal Choice 290
Chapter 11 Asset Markets 294
Chapter 12 Uncertainty 299
Chapter 13 Risky Assets 304
Chapter 14 Consumer’s Surplus 306
Chapter 15 Market Demand 311
Chapter 16 Equilibrium 315
Chapter 17 Measurement 319
