Figure: Guns and Butter Reference: Ref 2-2   (Figure: Guns and Butter) Look at the figure Guns and Butter. Suppose the economy produced at point B. Which of the following statement is NOT correct

The demand for meals at a local Applebee’s will shift to the left if:

Reference: Ref 4-13 (Table: Producer Surplus and Phantom Tickets) The table Producer Surplus and Phantom Tickets shows the minimum price at which each of the students is willing to sell a ticket to Phantom of the Opera. Assume that each student has only one ticket to sell. Given the information in the table, if the price for Phantom tickets is $60, total producer surplus for the five students is:

Figure: Sugar and Freight Trains Reference: Ref 2-15   (Figure: Sugar and Freight Trains) Look at the figure Sugar and Freight Trains. Suppose the economy is operating at point A. The opportunity cost of producing the second freight train would be _____ tons of sugar.

Figure: Producer Surplus III Reference: Ref 4-12 (Figure: Producer Surplus III) Look at the figure Producer Surplus III. If the price of the good increases from $2 to $3, producer surplus will increase by:

Reference: Ref 5-10 (Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price floor of $1 per can of soda, there will be:

A simplified representation that is used to study a real situation is called a:

The basic concern of microeconomics is:

Figure: Guns and Butter Reference: Ref 2-2   (Figure: Guns and Butter) Look at the figure Guns and Butter. On this figure, points A, B, E, and F:

Figure: Gain in Consumer Surplus (Figure: Gain in Consumer Surplus) Look at the figure Gain in Consumer Surplus. The government set a price ceiling at P3, identify the area or areas that represent the new total consumer surplus.