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Exam (elaborations)

NRES 372 Exam 1 Questions With Complete Solutions

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A consumers additional benefit from an additional unit of good? -Total benefit -Price -Demand correct answer: Demand The area under demand from 0 to the Q of interest? -Net benefits to consumer -Total Benefits to consumer -Total costs to consumer correct answer: Total Benefits to the consumer Demand curve represents? -People buy more at higher prices -Minimum price willing to accept for a given quantity -Maximum price willing to pay for a given quantity correct answer: Maximum price willing to pay for a given quantity Area describing the net benefit to the consumer? -under demand and above price -under total costs and above total benefits -under price adn above supply correct answer: Under demand and above price The following is a change expected to increase demand... -decrease in consumer income -decrease in price of an alt. consumable good -decrease in price of a complementary consumable good correct answer: Decrease in price of a complementary consumable good the supply curve represents the producer's...? -additional benefits per additional unit

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