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Econ B 251 Exam #2 Questions with 100% Correct Answers | Latest Version (2024/2025) Expert Verified

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Institution Econ B 251
Course Econ B 251
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Econ B 251 Exam #2 Questions with 100% Correct Answers | Latest Version (2024/2025) Expert Verified

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Econ B 251 Exam #2 Questions with 100%
Correct Answers | Latest Version (2024/2025)
Expert Verified

Whatiareigoodsiiniwhichiwhenidemandiincreases,iincomeiincreases?i-
iCorrectiAnswer-Normaligoods




Whatiareigoodsiiniwhichiwhenidemandidecreases,iincomeiincreases?i-
iCorrectiAnswer-Inferiorigoods




Whatiisimaximizingihappinessiorisatisfactionifromiconsumingiaibundleio
figoodsiandiservicesisubjectitoiincomeiandiprices?i-iCorrectiAnswer-
Consumerioptimum


Whatiisitheipriceiofigoodiinitermsiofianotherigood?i-iCorrectiAnswer-
Relativeiprice


Whatiisitheitotalibenefiti(happiness)ireceivedifromiconsumingisomeigoo
ds?i-iCorrectiAnswer-Totaliutility


Whatiisitheichangeiinitotaliutilityireceivedifromiconsumingioneimoreiuni
tiofiaigood?i-iCorrectiAnswer-Marginaliutility

,Whatiisiiticallediwheniproducingiaigoodioriserviceiupitoitheipointiwhereit
heilastiunitiprovidesiaimarginalibenefititoiconsumersiequalitoitheimargi
nalicostiofimakingiit?i-iCorrectiAnswer-Efficient


Whatiisiaidistributioniofigoodsiandiservicesiamongipeopleiiniaisocietyico
nsideredifairiandijust?i-iCorrectiAnswer-Equitable


Whatiisitheidistributioniofigoodsiandiservicesiusingimarketsiandipricesii
nitheimostiefficientiway,inotitheifairest?i-iCorrectiAnswer-
Priceirationing


Whatiisitheifairestioriequitableiwayitoidistributeigoodsibutinotitheimosti
efficient?i-iCorrectiAnswer-Non-priceirationing


Whatiisitheimainiformiofipriceirationing?i-iCorrectiAnswer-Marketiprice


Whatiisitheidifferenceibetweenitheiamountitheibuyeriisiwillingiandiablei
toipayiminusitheipriceitheyihaveitoipay?i-iCorrectiAnswer-
ConsumeriSurplus


Whatiisitheidifferenceibetweenitheimarketipriceitheisellerireceivesiminu
sitheiamountitheyiareiwillingiandiableitoiaccept?i-iCorrectiAnswer-
ProduceriSurplus

, Whatiisitheidifferenceibetweenitotalirevenueianditotalicost?i-
iCorrectiAnswer-Profit




Whatiisiaimarketiiniwhichithereiareisoimanyibuyersiandisellersinoioneica
niinfluenceitheimarketiprice?i-iCorrectiAnswer-
Perfecticompetitiveimarket


WhatiisiwheniQuantityidemandedi=iQuantityisupplied?i-
iCorrectiAnswer-Equilibrium




Whatiisiproducingialligoodsiupitoitheipointiwhereitheilastiunitiprovidesiai
marginalibenefititoiconsumersiequalitoitheimarginalicostiofiproducing?i-
iCorrectiAnswer-Allocativeiefficiency




Whatiisiaicostitoisocietyifromitheilossiofieconomiciefficiencyiwheniitidoe
sinotiachieveiallocativeiefficiency?i-iCorrectiAnswer-Dead-weightiloss


Whatiisiaisituationiiniwhichitheiallocationiofigoodsiandiservicesibyiaifreei
marketiisinotiallocatingiefficiently?i-iCorrectiAnswer-Marketifailure


Whatiisiaiproductioniamountibelowi(left)iofitheiallocativeiefficiencyiqua
ntity?i-iCorrectiAnswer-Underproduction


Whatiisiaiproductioniamountiabovei(right)iofitheiallocativeiefficiencyiqu
antity?i-iCorrectiAnswer-Overproduction

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