ECON 101 Study Guide - Midterm Guide: Deadweight Loss, Marginal Revenue, Economic Surplus
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ECON 101 Full Course Notes
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Unless a question explicitly says otherwise, assume that all demand curves slope downward, all supply curves slope upward, and there are no externalities. For the true / false section, mark box a for true and box b for false. Each correct answer adds 2 points to your score. For the multiple choice section, mark the best answer choice. Each correct answer adds 5 points to your score. Each blank answer adds 1 point to your score. Multiple choice: ellie and mac are the only two consumers of hamburgers. Their marginal bene t sched- ules are given below along with the marginal cost schedule for all producers together. The government decides the equilibrium price of is too high and imposes a price ceiling of on a hamburger. After the price ceiling is in place, mac is the rst in line and he purchases all of the available hamburgers.