Figure 4-17
Refer to . If the government imposes a price ceiling in this market at a price of $5.00, the result would be a
a.
shortage of 20 units.
b.
shortage of 10 units.
c.
surplus of 20 units.
d.
surplus of 10 units.
a
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The most accurate procedure for finding out whether it is more efficient for a commercial airline to use 727s or 757s for its domestic flights is to
A) compare the fuel efficiency of 727s and 757s. B) compare the fuel efficiency and operating cost of 727s and 757s. C) compare the acquisition cost, operating cost, and fuel efficiency of 727s and 757s. D) compare the acquisition cost, operating cost, and fuel efficiency per passenger seat of 727s and 757s. E) see whether the airline has chosen to use 727s or 757s.
A util represents a unit of measurement for the
a. dollars a consumer spends on a good b. consumer surplus earned when paying less than he/she would have been willing to spend c. way a consumer responds to a change in price d. happiness a person obtains from consuming a good e. consumer surplus a person acquires when buying a good at less than market price