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Econ 201 johnston quiz2 spring 2021

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6/4/2021 Review Test Submission: Quiz #2 - Chapters 4 & 7 – ECON-... My Bb Home H Week 4 My Files Chad Goodwine 81 Bb Info Center Review Test Submission: Quiz #2 - Chapters 4 & 7 Review Test Submission: Quiz #2 - Chapters 4 & 7 User Chad Goodwine Course ECON-201-02: Economic Principles - SPRING MTRF 2:25-3:25 Test Quiz #2 - Chapters 4 & 7 Started 4/30/21 2:40 PM Submitted 4/30/21 3:14 PM Status Completed Attempt Score 19 out of 20 points Time Elapsed 34 minutes Results Displayed All Answers, Submitted Answers, Correct Answers Question 1 The demand curve for a Giffen good is Selected Answer: upward sloping. Answers: non-linear but downward sloping. upward sloping. vertical. nonexistent. Question 2 Economic efficiency is defined as a market outcome in which the marginal benefit to consumers of the last unit produced is equal to the marginal cost of production, and in which Selected Answer: the sum of consumer surplus and producer surplus is at a maximum. Answers: the sum of consumer surplus and producer surplus is at a maximum. the sum of the benefits to firms is equal to the sum of the benefits to consumers. the sum of consumer surplus and producer surplus is minimized. economic surplus is minimized. Question 3 Figure 4-15 Figure 4-15 shows a market with an externality. The current market equilibrium output of Q 1 is not the economically efficient output. The economically efficient output is Q 2. Refer to Figure 4-15. Suppose the current mar ...
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