WGU C211: Additional Study - 3rd Attempt OA Quizzes Questions and Correct Solutions 2024

WGU C211: Additional Study - 3rd Attempt OA Quizzes Questions and Correct Solutions 2024 Suppose televisions are a normal good and buyers of televisions experience a decrease in income. As a result, consumer surplus in the television market - Answer -may increase, decrease, or remain unchanged. Which of the following is true when the price of a good or service rises? - Answer -Some buyers exit the market Cost is a measure of the - Answer -seller's willingness to sell. The Surgeon General announces that eating chocolate increases tooth decay. As a result, the equilibrium price of chocolate - Answer -decreases, and producer surplus decreases. The distinction between efficiency and equality can be described as follows: - Answer -Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society. Tomato sauce and spaghetti noodles are complementary goods. A decrease in the price of tomatoes will - Answer -increase consumer surplus in the market for tomato sauce and increase producer surplus in the market for spaghetti noodles. The distinction between efficiency and equality can be described as follows: - Answer -Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society. A demand curve reflects each of the following except the - Answer -quantity that each buyer will ultimately purchase. A drought in California destroys many red grapes causing the prices of both red grapes and red wine to rise . As a result, the consumer surplus in the market for red grapes - Answer -decreases, and the consumer surplus in the market for red wine decreases. Dawn's bridal boutique is having a sale on evening dresses. The increase in consumer surplus comes from the benefit of the lower prices to - Answer -both existing customers who now get lower prices on the gowns they were already planning to purchase and new customers who enter the market because of the lower prices. Suppose the market demand curve for a good passes through the point (quantity demanded = 100, price = $25). If there are five buyers in the market, then - Answer -the marginal buyer's willingness to pay for the 100th unit of the good is $25When a country that imports a particular good imposes a tariff on that good, - Answer -consumer surplus decreases and total surplus decreases in the market for that good. Import quotas and tariffs produce some common results. Which of the following is not one of those common results? - Answer -Equal revenue is always raised for the domestic government The world price of a ton of steel is $1,000. Before Russia allowed trade in steel, the price of a ton of steel there was $650. Once Russia allowed trade in steel with other countries, Russia began - Answer - exporting steel and the price per ton in Russ